Payments startup Satispay raised 320 million euros ($306 million) in a Series D funding round that boosted its valuation to 1 billion euros, making it the latest FinTech unicorn among Italy’s few.
The round was led by Addition, with participation from previous backers Greyhound Capital, Lightrock, Block, Tencent and Gestione Fondi.
“This is an incredibly rewarding result for everyone who has believed in Satispay from 2013 to the present. The road has been challenging, but we are as motivated as ever. This is just the beginning and we will continue to invest and grow, becoming more and more Europe’s super network,” CEO and Co-founder Alberto Dalmasso in a LinkedIn post on Wednesday (Sept. 28).
See also: How Payment Methods, Regulatory Regimes Are Shaping Italy’s FinTech Ecosystem
Headquartered in Cuneo, Italy, and co-founded by Dalmasso, CTO Dario Brignone and CFO Samuele Pinta, the Satispay payments app is used as a digital wallet by an estimated 3 million people in Italy and by 200,000 merchants.
Dalmasso said that after the fresh capital from the Series D round, the company feels it has the “right tools and resources” to meet its goal of becoming Europe’s top payments network, according to reports from multiple media reports, citing a statement from the company.
“Not only do we believe we have the necessary capital, but we also have the experience and expertise,” he said, adding that Satispay rolled out in three new markets, expanded its user base by more than twice its former size and added staff.
Read more: The Italian Firms Riding the Digital Lending, PropTech Innovation Wave
Satispay strives to simplify daily payments for consumers while reducing transaction fees for retailers. With the latest funding, Satispay has raised more than 450 million euros of capital since launching nine years ago.
“Satispay is revolutionizing the mobile payment space in Europe, allowing users to transfer money efficiently and securely, not only in-store and online but with friends and family as well,” said Lee Fixel of Addition.
“We look forward to supporting Satispay as it continues to grow its team, expand its customer and merchant bases and accelerate its business to become Europe’s leading payment network,” Fixel said.
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