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The Italian Council of Ministers approves the entry of Tencent in the digital payment system Satispay

February 25, 2021


Abstract : The Chinese giant's investment in the startup, together with Square, the company founded by the CEO of Twitter Jack Dorsey, has been approved with conditions on respect for user privacy.

MILAN, Feb. 24 (Class Editori) -- The Italian Government approved with conditions the investment of the Chinese companies Tencent and Square, founded by the CEO of Twitter Jack Dorsey, in Satispay. The approval arrived during the Council of Ministers held on Monday 22, February. However, the authorization for the two giants' entry in the digital payment startup, according to the legislation to safeguard strategic sectors, includes a few conditions aimed at securing user data.

The mobile payment platform was created by Alberto Dalmasso, Dario Brignone and Samuele Pintain 2013, has been operational since 2015 and, in last November, developed a plan as concerns capital strengthening for an overall amount of 93 million, with 68 million allocated in capital increase and other 25 million in sale of shares by some financial shareholders. TIM and LGT Bank — i.e. the family office of the Princely Family of Liechtenstein, which has assets under management for 235.3 billion dollars (at the end of 2019) — are also betting on Satispay. Banca Iccrea, which owns 10%, will no longer be one of Satispay's shareholders.

Today, Satispay's project has 1.3 million active users and 120 affiliated businesses. In addition, it recorded 13.2 million transactions handled for a total value of 254.3 million at the end of July. Satispay, by the way, concluded a 15 million funding round in the fall of 2018: among the contributors there were Iccrea Banca, now the first partner, Endeavor Catalyst, Greyhound Capital, Banca Valsabbina, Sparkasse, and Banca di Piacenza.

Meanwhile, Satispay has debuted on the Huawei App Gallery since last June, so it can also be used by owners of the Chinese giant's latest smartphones. (All rights reserved)

(Source:Class Editori)

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Keyword: Tencent digital payment Satispay Italian Council of Ministers

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