Satispay, Italy’s payments startup has secured €320 Million amounting to $306 Million at a recent Series D funding round raising its total valuation to €1 Billion as it becomes Italy’s newest Fintech unicorn. The Series D funding round was spearheaded by Addition while previous supporters Block, Gestione Fondi, Greyhound Capital, Lightrock, and Tencent all participated in the funding round.
Cofounder and Chief Executive Officer of Satispay Alberto Dalmasso described the development as “an incredibly rewarding result” while appreciating partners who believed and followed the company since its early days from 2013. In Dalmasso’s LinkedIn post on Wednesday, September 28, he stressed the challenges the company has had to surmount and how this has also motivated he company to go harder: “This is just the beginning and we will continue to invest and grow, becoming more and more Europe’s super network.”
Satispay was cofounded by CEO Alberto Dalmasso, CFO Samuele Pinta and CTO Dario Brignone and has its headquarters in Cuneo, Italy. The payments startup currently has around 200,000 merchants on its platform and the payments app which is highly valued as a digital wallet is used by around 3 million customers in Italy alone.
The company’s CEO while speaking on the latest Series D funding round expressed enthusiasm about Satispay now having the appropriate tools and resources to pursue its target of emerging as the top payments platform in Europe, an ambition the company has unequivocally articulated from day one.
Quoting the media statements attributed to Dalmasso; “Not only do we believe we have the necessary capital, but we also have the experience and expertise.” In pursuance of Satispay’s goals and with this recent injection of funds, the company has now been unveiled in three new markets and has also doubled its user base.
Satispay is aiming to make consumer’s daily payments simpler and also reduce retailer’s transaction fees. Satispay has operated for over nine years and this latest funding aggregates the total funds the company has secured so far so good to well over €450 Million since 2013 when the company launched.
Lee Fixel of Addition, Satispay’s biggest backers for this funding round celebrated the partnership with Satispay and the growth potentials of the the company following the recent development. According to Fixel: “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.”
Fixel also expressed Addition’s optimism for the growth of Satispay. The company’s representative emphasized the growth expectations to cover the team, customers and merchant base expansion. Fixel also underscored the projection of the partnership to drive Satispay to become the leading payment network in all of Europe.