Lightrock invests in Satispay
Liechtenstein investor Lightrock has joined others in providing a total of €68 million to the Italian startup Satispay. The funding round therefore significantly exceeded its original target of €50 million.
Lightrock and other investors have together contributed €68 million in the fintech company Satispay based in Milan. The Liechtenstein global private equity platform has therefore concluded an important funding round for the growing Italian company, as was reported in a press release.
Other investors included U.S. fintech Square, Inc., global internet company Tencent and TIM Ventures, the corporate venture capital arm of Telecom Italia.
Satispay offers a payment app that directly connects the bank accounts of consumers and merchants. There are no fees and businesses can take payments more conveniently and at lower cost.
The company was founded in 2013 and has now reportedly reached 1.6 million consumers and 150,000 merchants. The new funding will allow Satispay to strengthen its leading position in Italy and drive forward expansion into other countries such as Germany and Luxembourg.
Lightrock’s investment in Satispay was motivated by the advancing global trend towards a cashless society. Satispay has a vision of becoming the leading payment network across Europe, which is a perfect fit for the portfolio of Lightrock. Lightrock is backed by the Principality of Liechtenstein and LGT, the international private banking and asset management group.