Less than a year after the completion of its series B financing round, the extraordinary shareholders’ meeting of Satispay approved today a new capital increase, subject to the fulfilment of the standard conditions precedent, for an amount up to €15 million.
€10 million has already been subscribed by new investors, leaving the option for further investments by current shareholders.
As of today, Satispay’s total funding has risen to approximately €37 million, while the company’s valuation exceeds €100 million.
Alberto Dalmasso, co-founder and CEO of Satispay, commented: "Satispay has grown tremendously and although currently only operating in the Italian market, for quite some time now it has attracted the attention of foreign parties, given its technology and the numbers that it is producing, which are comparable to companies operating on an international scale. 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 ".
Among the investors that participated in the first tranche of €10 million is Copper Street Capital, a UK based specialist financial services investment firm, which acted as lead investor. Other international investors include Endeavor Catalyst, an investment vehicle born to support the network of Endeavor entrepreneurs (which Satispay has recently joined), as well as Greyhound Capital, an investment company focused on high growth potential companies.
Jerry del Missier, Founding Partner and Chief Investment Officer of Copper Street Capital, commented: “We are delighted to be supporting Alberto, Dario, Samuele and the entire Satispay team in the continued development of their very exciting business. They are already transforming a critical part of the financial services landscape in Italy and there is much more that can be achieved across Europe”.
Strong synergies continue with the banks shareholders. Following ICCREA Banca, Banca Sella Holding and Banca Etica, this round sees the entry of Banca Valsabbina, one of the main cooperative banks in northern Italy, as well as Sparkasse - Cassa di Risparmio di Bolzano. Lastly, the Club degli Investitori di Torino also becomes a Satispay’s shareholder.
Alberto Dalmasso continues: "My partners Dario Brignone, Samuele Pinta and I, together with the whole Satispay team, can only thank everybody for the support we are receiving by continuing to be faithful to our original vision. That is to simplify people's lives starting with payments and to build on these new value-added services. That said, today we announce another important step in this direction, the "Savings" feature that opens up a world of new opportunities".
Active on the market since January 2015, Satispay has reached over 600,000 app downloads and more than 340,000 active users (growing at a rate of 800 new signups per day) who exchange and spend money on a daily basis, with an average of 8 times per month, in 44,000 affiliated merchants throughout Italy (which are constantly growing by approximately 120 merchants per day).