Satispay raises funds and sets up in France
Italian FinTech specialized in mobile payment, Satispay, recently showed its success in its home market and can claim to be the only unicorn in the country. It is now counting on a major fundraising to push the advantage further and expand into new markets, including France.
FACTS
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Satispay is the originator of a mobile payment solution by transfer. After registering their IBAN, customers pay (or get paid) by scanning a QR code and benefit from other advantages such as cashback.
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One in four purchases made from a mobile phone in Italian shops was made via the Satispay payment solution in Italy last year. The FinTech has a 26% market share in Italy.
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It also has just completed a new round of financing led by Addition and followed by Greyhound Capital, Lightrock, Block, Coatue Management, Mediolanum Gestione Fondi and Tencent.
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The amount of its new Series D round is estimated at 320 million euros. This amount allows it to reach the status of unicorn, while its valuation has just exceeded the billion euro threshold.
CHALLENGES
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Going beyond the Italian borders: Well established in its home country, Satispay now plans to become a reference in the European payment sector and even, in its own words, to become the European super network for digital payments.
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Doubling its workforce: Satispay also intends to take advantage of these funds to recruit and increase its workforce from 300 to 600 over the next 18 months. This new workforce should enable it to run its four new offices in Milan, Luxembourg, Germany and France.
MARKET PERSPECTIVE
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Satispay currently has some 3 million users, mainly in Italy but also in Luxembourg and Germany where it has already started its international activities. More than 200,000 merchants are also listed as customers of the service, including Decathlon, Benetton and Carrefour Italy.
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The Italian FinTech with European ambitions will also have to rely on its accumulated losses to succeed in its expansion without worsening its financial situation. At the end of 2021, it had accumulated losses of 10 million euros. Satispay nevertheless recorded a doubling of its turnover over one year, from 2.3 million euros to 5.26 million euros in 2021.