How Satispay became a unicorn, here’s what it will do
Satispay collects 320 million euros with a valuation of over 1 billion euros. The fintech startup thus becomes the new Italian unicorn
Satispay is now the new Italian unicorn.
Thanks to the collection of another 320 million euros of investments, its market valuation has exceeded 1 billion euros.
With this new round, the co-founder and CEO Alberto Dalmasso announces, Addition, the American fund of Lee Fixel, enters as lead investor.
Venture capital firm Greyhound Capital, a shareholder since 2018, also increased its stake, a statement from the company said. Alongside them, among others, there are then, all entered in 2021, Coatue, Lightrock1, Block Inc.2 (previously known as Square, the company of the Twitter founder Jack Dorsey), the Chinese giant Tencent and Mediolanum Gestione Fondi SGR.
To date, the startup has raised around 488 million euros. “The operation validates the super-network payment model independent of debit and credit cards, created to accelerate the exchange of cash and become a tool of daily use at European level” reports Radiocor .
Satispay's new capital will be used to further fuel the company's internal market growth and to drive international expansion. The listing of Satispay on the Stock Exchange can wait. At the moment.
WHAT SATISPAY DOES
Founded in 2013 and launched in 2015, Satispay is independent of debit and credit cards. The service allows companies of any size to accept payments from customers via smartphone, tablet or PC. According to the startup, today they serve over 3 million consumers and 200,000 merchants, including small and medium-sized retailers, as well as international brands in Italy, Germany, Luxembourg and France including Esselunga, Carrefour, Boggi, Eataly and Benetton.
“Satispay operates an independent payment network that bypasses large banks and credit companies and promises lower transaction fees as well as other benefits such as better budget control to its users,” writes US newspaper TechCrunch .
The new investments will allow Satispay to become "the next leading payment network in Europe," Dalmasso said.
Regarding the listing project, "It has always been our goal, but this is not the time for a listing by looking at the markets and we are still small, as a team, we prefer to avoid pressure" explains CEO Alberto Dalmasso taking stock after the closing of the latest collection of investments. “The capital market is still large and makes it less urgent to go to the stock market” he adds.
THE SUPPORT OF ADDITION
“Satispay is revolutionizing the mobile payment scenario in Europe, thanks to a service that allows millions of users to pay in thousands of physical and online stores, but also to exchange money between friends and family, efficiently and securely. We are thrilled to be alongside Satispay and support the growth of the team, the number of users and merchants, to become the most popular payment system in Europe ", commented Lee Fixel of the Addition fund, which has become the main investor in Italian fintech. .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/ecco-come-satispay-e-diventata-un-unicorno-cosa-fara/ on Thu, 29 Sep 2022 05:55:50 +0000.