In what’s turning out to be the week of the Italians, Milan-based mobile payment network Satispay has announced the raise of €320 million in a Series D round, at a valuation north of €1 billion. The round was led by former Tiger Global Partner Lee Fixel’s fund, Addition, and saw the participation of existing investors Greyhound Capital, Coatue, Lightrock, Block Inc., Tencent, and Mediolanum Gestione Fondi SGR.
Satispay’s new capital will be used to further fuel the company’s home market growth as well as shift international expansion plans into high gear. To date, the startup has raised approximately €488 million.
“In the last two years, we have experienced exceptional growth, more than doubling our customer base and launching in three new markets. We have also been able to bring in a lot of additional talent to our teams, helping us transform Satispay into a bigger, more structured competitive reality. It is truly a new beginning and we feel more determined than ever,” commented Satispay CEO and co-founder Alberto Dalmasso.
Founded in 2013 and launched in 2015, Satispay is independent of debit and credit cards. The service allows businesses of any size to accept payments from customers via their smartphones, tablets, or PCs. According to the startup, they serve over 3 million consumers and 200,000 merchants including small and medium retailers as well as international brands in Italy, Germany, Luxembourg, and France.
On the investment, Fixel commented, “Satispay is revolutionizing the mobile payment space in Europe, allowing users to transfer money efficiently and securely, not only in-store and online but with friends and family as well. We look forward to supporting Satispay as it continues to grow its team, expand its customer and merchant bases and accelerate its business to become Europe’s leading payment network.”