As the European economy continues to slow down and costs rise, consumers and merchants are increasingly looking for ways to reduce their expenses. One startup that is capitalizing on this trend is Satispay, a Milan-based company that operates an independent payment network with significantly lower transaction fees than traditional banking systems.
A Record-Breaking Funding Round
Satispay has just closed a massive funding round, raising €320 million ($305 million) in what is considered one of the largest deals of its kind in Europe this year. The investment was led by Addition, a venture capital firm known for its investments in innovative fintech companies.
Revolutionizing Mobile Payments
Satispay’s payment network allows users to transfer money efficiently and securely, both online and offline, as well as between friends and family. According to Satispay’s CEO, the company is experiencing significant traction with city governments using the platform to provide food stamps to residents. Additionally, there has been a surge in usage during the COVID-19 pandemic as people sought to avoid physical contact and minimize exposure.
A Pre-Pay App with a Difference
Unlike traditional payment apps that often require users to link their bank accounts or credit cards, Satispay’s pre-pay app allows users to top up their account using a variety of methods. This approach has proven popular among consumers who want to avoid overspending and maintain control over their finances.
A Strong Partnership with Addition
Addition’s investment in Satispay is seen as a vote of confidence in the company’s vision for the future of mobile payments. "Satispay is revolutionizing the mobile payment space in Europe, allowing users to transfer money efficiently and securely, not only in-store and online but also with friends and family," said Fixel, co-founder of Addition.
A Bright Future Ahead
With this significant investment, Satispay is poised to accelerate its growth and expand its customer base across Europe. The company’s vision for a more inclusive and accessible payment ecosystem aligns perfectly with the values of Addition, making this partnership a winning combination for both parties involved.
Key Takeaways:
- Satispay has secured €320 million in funding from Addition.
- The investment is one of the largest deals of its kind in Europe this year.
- Satispay’s payment network allows users to transfer money efficiently and securely online and offline, as well as between friends and family.
- The company is experiencing significant traction with city governments using the platform to provide food stamps to residents.
- There has been a surge in usage during the COVID-19 pandemic as people sought to avoid physical contact and minimize exposure.
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