All the news for Satispay with the Chinese Tencent and the American Square
Green light from the Draghi government for the entry into Satispay of the Chinese giant Tencent and Square, the company of the founder and CEO of Twitter Jack Dorsey.
The Chinese digital payments and gaming giant Tencent and the company of the co-founder of Twitter Square are the new shareholders of the fintech startup Satispay after the green light of the Italian government.
Reuters reported, according to a source close to the dossier. On 22 February the council of ministers chaired by President Draghi authorized the investment with conditions.
Indeed, the Italian government has the right to block offers by virtue of the so-called special powers that allow the executive to block or impose restrictions on investment in strategic sectors.
According to Repubblica , "the green light has therefore arrived with some conditions, we learn, to ensure the correct processing of personal data".
Last November Satispay announced the entry of new investors. The latter have in fact subscribed a capital increase of 68 million euros, acquiring a minority stake for 25 million euros.
The three founders of Satispay, Alberto Dalmasso, Dario Brignone and Samuele Pinta, will remain the reference partners of the group based in Milan. The new shareholders will be minority investors, all under 10%.
All the details.
WHAT SQUARE AND TENCENT WILL DO
Square and Tencent plan to invest 15 million euros each in Satispay.
Square Inc. is a leading American fintech company led by Jack Dorsey, co-founder and CEO of Twitter. Tencent, is a leading Internet company in the world, owner of WeChat among other assets, as well as a 10% shareholder of the world leader Universal Music (controlled by Vivendi).
It is China's second most valuable tech company with a market capitalization of nearly $ 700 billion.
THE CHINESE COLOSSUS FINISHED IN THE SIGHT BEFORE TRUMP
The Chinese giant Tencent ended up at the center of the trade war between Washington and Beijing. Shortly before Biden took office, the Trump administration was about to include Tencent and Alibaba on the black list of companies allegedly controlled by the Chinese military.
AND THEN THE CHINESE ANTITRUST
But Tencent is also coming under pressure at home with China stepping up control of the Internet industry. Beijing regulators have begun to fine Chinese tech giants for violating antitrust rules.
Last December, the State Administration of Market Regulation (Samr) said it was fining e-commerce giant Alibaba, Tencent-backed China Literature and Shenzhen Hive Box of 500,000 yuan ($ 76,464) each, the maximum under a anti-monopoly law of 2008, for not having correctly reported merger operations to the authority.
The merger of DouYu International with Huya, both controlled by Tencent, is also under investigation by the antitrust regulator.
ALSO TIM VENTURES AND LGT LIGHTSTONE
But let's get back to Satispay. In addition to Square and Tencent, the US company LGT Lightstone and Tim Ventures, the corporate venture capital branch of Telecom Italia, also bet on Milanese fintech. Both said they would put 20 million euros each on the payments startup.
LGT Lightstone is the Growth Equity Impact Investing division of LGT Capital Partners, the largest family-owned private banking and asset management group in the world.
WHAT SATISPAY DOES
Founded in 2013, Satispay specializes in mobile app payments that allow users to pay in stores, exchange money with friends and pay fines.
Satispay announced in November the arrival of new investors through the issue of new shares for 68 million euros and the purchase of a minority stake from existing shareholders for 25 million.
The company has a post-increase valuation of € 248 million.
THE SATISPAY FINANCIAL STATEMENT 2019
Satispay ended 2019 with a production value of € 21,842,147 compared to € 15,775,422 in 2018. The year ended December 31, 2019 recorded a loss of € 12,845,015 (compared to a loss of 9,576. 381 euros in 2018), a typical trend for companies in the sector, which in the first years of activity make important investments for the development of the company.
THE BUSINESS TURN
The payment company has 1.3 million users and 130,000 merchants. In the first 10 months of 2020, Satispay claims to have recorded a volume of transactions of 400 million euros, + 78% compared to 2019.
THE INCREASE GENERATED BY THE COVID PANDEMIC
As Start had already written, "in the complex context generated by the pandemic due to the Covid virus, Satispay has seen a strong increase in subscriptions and in the use of the app's services, reaching almost 450,000 new users and 35,000 new merchants affiliated to the network in the first ten months of 2020, including important groups such as Carrefour, Auchan, Autogrill, Mondadori, Kfc and technical partners of global importance, such as Docomo and Vtex, testifying to a progressive growth also in the online sector ".
THE WEIGHT OF NEW INVESTORS IN SATISPAY
As reported by the Adnkronos agency, the three founders of Satispay, Alberto Dalmasso, Dario Brignone and Samuele Pinta, will remain the reference partners of the payments group after the 93 million euro round. They will have the largest stake in the company – and three voting rights for each share – while the new shareholders will be minority investors, all under 10%. The Board of Directors will expand, where representatives of new investors will be appointed, including Tim, China's Tencent and Jack Dorsey's Square. “Governance will involve all partners but the guide remains with us”, said the managing director Alberto Dalmasso in November.
THE SATISPAY SHAREHOLDER
From the latest Satispay survey updated on 28 August 2020, it emerges that the group's capital is made up of 4,583,005 shares. The three founding partners Alberto Dalmasso, Dario Brignone and Samuele Pinta hold 10.34% of the share capital (474,057 shares), 13% (597,189 shares) and 2.36% (108,595 shares) respectively.
The Satispay shareholder structure is made up of more than 150 shareholders. The main ones include Copper Street Capital Master Fund with 186,916 shares, Banca Popolare Etica with 158,358 shares, Blue Chip 50 simplified limited liability company with 141,248 shares, Smartclub Srl with 131,966 shares, Faped Srl with 123,132 shares, Opea Srl with 110,742 shares, Banca Alpi Marittime Credito Cooperativo Carrù joint stock cooperative with 103,785 shares, Mediolanum Gestione Fondi Sgr with 100,000 shares, Proximity Capital Srl with 98,381 shares, Simon Fiduciaria Spa with 72,053 shares, Luchi Fiduciaria Srl with 60,416 shares, Apollo Consulting Srl with 58,287 shares, Banca Sella Holding Spa with 52,786 shares, Banca di Piacenza Joint-stock cooperative with 35,945 shares, Cassa di Risparmio di Bolzano Spa with 17,972 shares. Banca Iccrea, which had a stake of 13.61% (623,998 shares), left the Satispay shareholder base.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/fintech/tutte-le-novita-per-satispay-con-la-cinese-tencent-e-lamericana-square/ on Wed, 24 Feb 2021 11:51:48 +0000.