The physical form of currency (cash) may become a relic of the past as digitisation is transforming the money and payment system. The once-imminent shift is now fueled by the COVID-19 pandemic, accelerating the pace of cashless payment adoption.
Embracing the situation, many new payment providers are challenging incumbents, using technology to disrupt business models and traditional networks, across retail and wholesale payments.
In this regard, Satispay, an Italian fintech startup, claims to be revolutionising mobile payments. Based out of Milan, it is a smart payment platform that enables individuals and merchants to send and receive payments.
Recently, the company raised €93M funding in a Series C round co-led by Square, Inc, Tencent, LGT Lightstone, and TIM Venture. The round consists of €68M of newly-issued primary shares and approximately €25M of secondary shares purchased from existing investors. The round was completed at a €180M pre-money valuation. This round brings the total funding amount raised by Satispay to a total €110M, to date.
It’s worth mentioning that Square, Inc is the payment company run by Jack Dorsey. The company has invested €15M for a minority stake in Satispay, according to Bloomberg.
How will the funding be used?
The funding will help Satispay consolidate its leadership position in Italy while also accelerating its international expansion that already started in Luxembourg and Germany. The Italian startup has now reached over 1.3 million consumers and 130 thousand merchants.
Founded by Alberto Dalmasso, Dario Brignone, and Samuele Pinta in 2013, Satispay offers e-commerce plugins and customised links for online stores to receive payments.
Growth amid COVID-19 pandemic
During the first ten months of the year, Satispay processed about 21.5M transactions accounting for €400M in transaction volume, recording a 78% increase against the same period in 2019.
The company also has integration with PagoPA for the payment of fines, taxes, stamps, and health tickets, which can be made directly from the ‘Services’ section within the app, where it is also possible to top-up phone credit with Italy’s leading operators.
Amid the COVID-19 pandemic, Satispay experienced significant growth, reaching more than 450,000 new users and 35,000 new affiliated merchants in the first ten months of 2020.
Main image credit: Satispay