Italy gets a new fintech unicorn as Satispay raises €320m Series D
Fintech companies in Italy appear to be on a positive trend with the country creating two new fintech 'unicorn' companies this year.
Italian payments fintech Satispay has raised a €320m Series D funding round, led by Addition, taking its valuation to more than €1bn.
Italy’s fintech unicorn ‘stable’ now has two members, following Scalapay’s $497m round in February.
Satispay is a mobile payment app and independent payment network that aims to simplifies every-day payments for consumers and cuts transaction fees for retailers. It has now raised more than €450m of capital since its inception just under a decade ago in 2013.
Satispay’s network counts a community of more than 3,000,000 consumers and 200,000 merchants, including small and medium retailers as well as international brands.
These include Esselunga, Auchan, Benetton, Carrefour, Boggi, Trenord, Eataly, McDonald’s, Tigotà, Autogrill, Trenitalia.
Alberto Dalmasso, co-founder and CEO of Satispay, wants to create what he says will be the next leading payment network in Europe and the funds will allow this to happen.
“Not only do we believe we have the necessary capital, but we also have the experience and expertise. In the last two years, we have experienced exceptional growth, more than doubling our customer base and launching in three new markets,” he said.
“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.”
Greyhound Capital and other existing investors Coatue, Lightrock, Block, Tencent and Mediolanum Gestione Fondi SGRalso took part in Satispay new round, which will be used to accelerate international expansion.