The fintech scaleup Satispay reports that it has completed a new capital increase worth EUR 60 million, bringing total funding to over half a billion euros.
The transaction is supported by the three main investors, Addition, Greyhound and Lightrock, and reflects Satispay’s strong alliance with them, who, based on the results achieved over the past two years, saw the possibility to exponentially accelerate the company’s growth. Satispay has demonstrated that it knows how to make the best use of the resources it has gathered by achieving all the growth targets it set itself: it has surpassed the goal of 5 million users and 380 thousand merchants, it has seized a great market opportunity with the launch of its meal voucher and fringe benefit services, which in just 12 months have reached over 12 thousand corporate clients and exceeded 50 thousand users, and it has started the path for the launch, planned for next year, of new investment services aimed at the platform’s consumer users.
Satispay has found in its main investors real experts with whom to maintain a constant dialogue, and is happy to consolidate this partnership, and to increase even more rapidly the value generated for all its members, employees and end users, thanks to the positive impact of new financial resources that will further accelerate growth and the launch of new services.
Alberto Dalmasso, co-founder and CEO of Satispay, (pictured here with the other co-founders) comments in a note: “Once again Satispay is accompanied by a perfect alchemy that today expresses itself in a truly strong partnership with our main investors who support this operation, but I would go so far as to say with all our investors, who have always supported us from the beginning and continue to renew their trust. The results we have achieved with some of the resources we have raised give us even more fuel to push harder on the growth accelerator. Being able to do this by raising earlier and more than necessary, moreover in a context in which markets are conditioned by sudden geopolitical changes and the world of venture capital has become more difficult for everyone also as an effect of the trend in interest rates, is a great privilege”.
The transaction comes after a continuous acceleration and aims to give Satispay the resources to compete and establish itself as a leading player not only in the mobile payments market, but also in the welfare and investment markets. The cash is in addition to the cash already available, allowing the company to maintain its strong growth and evaluate acquisitions should interesting opportunities arise.
As a further expression of trust, the deal includes an increase in voting rights from 3 to 5 for the founders, who thus regain majority control.
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