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CLASS

Tencent and Square to invest on Satispay

November 23, 2020


Abstract : The online payments platform reaches a new asset-strengthening of over 90 million, experiencing the entry of the Chinese giant and the Dorsey’s company, Twitter’s founder. TIM is also betting on the business, as well as the family office of the Liechtenstein Royal family.

MILAN, Nov 19 (Class Editori) – A first chip has been placed by Mediaset, detecting 1% through the subsidiary active in the venture capital. However, the real upswing in size will be currently achieved by Satispay with the entry of new important and international partners. The online mobile payments platform, created in 2013 by Alberto Dalmasso, Dario Brignone and Samuele Pinta and active since 2015, has refined an asset-strengthening plan for a total amount of 93 million between capital increase (68 million) and transfer of shares by some financial shareholders (25 million).

The giants of Fintech and digital business sectors are betting on the potential of the company headquartered in Milan, in the Isola district. Because among the main subscribers of the operation there are the Chinese giant Tencent, owner, among the other assets, of WeChat, as well as 10% shareholder of the global leader Universal Music (controlled by Vivendi) and Square, the company which manages a payment system through mobile phone, launched by Jack Dorsey, Twitter’s founder.

In addition to these two new fintech partners, also TIM and LGT have decided to bet on Satispay. The latter is the family office of the Lichtenstein Royal family, which has 235.3 billion dollars of asset under management (data at the end of 2019). Iccrea Bank, however, will no longer be a Satispay shareholder; it currently holds 10%.

With this new re-capitalization managed by the financial advisor Jefferies and by the law firm Cleary Gottlieb, the platform will have a pre-money evaluation of 180 million: this data will rise to 248 million with the capital increase. Meanwhile, the funds collected by the start-up establishment reach 110. These capitals will be needed for its strengthening on the Italian market and the international development, after the entry in Luxembourg and Germany.

Currently, Satispay project can boast 1.3 million active users and 120 affiliated commercial establishments; at the end of July, it began to manage 13.2 million transactions for a total countervalue of 254.3 million. Moreover, Satispay, concluded a collection round worth 15 million in the Autumn of 2018: among the others, Iccrea Bank, now the leading partner, Endeavor Catalyst, Greyhound Capital, Valsabbina Bank, Sparkasse and Banca di Piacenza took part in it. (All rights reserved)

(Source:Class Editori)

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Keyword: Tencent Square

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