Satispay, a mobile payments service, has collected €10m for a new funding round which is being raised at a pre-money valuation of €100m.
The round is still in progress and Satispay hopes to raise €15m in total by the end. Investments to the first tranche have come from firms including Copper Street Capital, Endeavor Catalyst, and Greyhound Capital.
This round also sees a number of banks become shareholders in the company including Banca Valsabbina, Sparkasse and the Club degli Investitori di Torino.
Italy-based Satispay is a mobile payment platform which enables anyone with a bank account to transfer funds with people on their phone contacts list via sending a message. The solution also works the same way with purchases at affiliated stores and e-commerce businesses.
To pay online, a user just has to input their phone number and then confirm the payment through the Satispay app.
Personal accounts are free to set up and there are no fees to send or receive money. Merchants have a small fixed fee of €0.20 for payments above €10.
Businesses can also integrate the app with their cash registers or implement the API into any of their software.
Satispay co-founder and CEO Alberto Dalmasso said, “Even if our objective was and still remains to close a series C financing round of funding in the order of €50 million not before 2019, we decided anyway to launch this transaction to open immediately the shareholder base to international investors who are able to reinvest and support us in terms of connections and synergies.”
The €10m investment brings the company’s total funding effort to €37m. Last year, Satispay bagged €18.3m in its third wave of funding, seeing contributions from Banca Etica, Banca Sella Holding, Smartclub and venture capital firm Shark Bites.
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