ROME : Satispay, Italy's mobile app payments startup, said on Wednesday it is now valued at more than 1 billion euros ($955 million) after raising 320 million euros in a new round of investments.
U.S. investment firm Addition has become the lead investor in the company, which can now boast "unicorn" status. Venture capital firm Greyhound Capital, a shareholder since 2018, also increased its stake, a company statement said.
Hedge fund Coatue Management, private equity firm Lightrock, Block Inc., China online giant Tencent and Italy's Mediolanum Gestione Fondi Sgr, all Satispay investors since 2021, are among the other existing shareholders who participated in the new funding round.
Founded in 2013, Satispay provides a mobile app that allows users to pay in stores, exchange money with friends and pay fines.
The new investments will allow Satispay to become "the next leading payment network in Europe," said company co-founder and CEO, Alberto Dalmasso.
Satispay has the capital, the experience and the necessary skills, and in the last two years it doubled its customer base, expanding in three more European countries, the CEO added.
"It's really a new beginning and we feel more determined than ever," Dalmasso concluded.
The completion of the closing of the Series D round is subject to regulatory approval.
($1 = 1.0473 euros)