Exploring Payments Unicorn Satispay After €60m Investment

Mobile payments provider Satispay has raised €60m (US$63m)  in new funding from existing investors, bringing its total capital raised to more than €500m (US$533m) as it expands beyond its core payments business.

Market position and growth 

The Milan-based fintech secured backing from Addition, the technology investment firm founded by former Tiger Global partner Lee Fixel, alongside Greyhound Capital and Lightrock. 

The rise comes amid higher interest rates and market uncertainty in the venture capital sector.

The capital injection follows Satispay's achievement of unicorn status - a private company valued at over US$1bn - in September 2022 through a round also led by Addition. 

The company operates a network that bypasses traditional card infrastructure, enabling direct transfers and payments through its mobile application.

The platform has grown to 5 million users and 380,000 merchants across Italy, France and Luxembourg. 

The service enables users to pay in physical and online stores, exchange money between contacts and access services including meal vouchers, gift vouchers, mobile top-ups, bill payments, pagoPA bills, car tax payments and gift cards.

For merchants, including retailers Autogrill, Benetton, Carrefour and Decathlon, the platform operates without monthly fees, charging a fixed rate of 20 cents for transactions over €10 (US$10.66). This model differs from traditional percentage-based card network fees.

Strategic expansion 

Satispay's entry into the employee benefits sector marks a significant expansion of its business model. Within twelve months of launch, the corporate meal vouchers and fringe benefits division has secured 12,000 client companies. 

The rapid adoption rate, reaching 50,000 users in its first year, indicates market demand for digital solutions in the corporate benefits sector.

The company cites its innovative offerings in the benefits space as key to its growth trajectory, with plans to establish itself as a market leader in this segment. This expansion builds on its existing payment infrastructure while opening new revenue streams.

The fresh capital will support Satispay's planned launch of investment services for retail customers in 2025. The funding strengthens the company's cash reserves, providing resources for continued growth and potential acquisitions.

Corporate structure and governance 

The funding round includes changes to shareholder voting rights, with founder voting rights increasing from three to five votes per share. 

This adjustment establishes majority control for the founding team while maintaining strategic partnerships with key investors.

The company, headquartered in Milan with 650 employees, maintains an ongoing dialogue with its main investors. These relationships have enabled Satispay to secure capital ahead of immediate requirements, based on its track record of meeting growth objectives.

“Being able to raise funds earlier and in excess of what was strictly necessary, especially in a market context affected by sudden geopolitical shifts and a more challenging venture capital landscape due to interest rate trends, is a great privilege,” says Alberto Dalmasso, Co-founder and CEO of Satispay.

The company's independent payment network continues to process transactions for both small independent shops and major retail chains across its operating territories while preparing for expansion into new financial services sectors.

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