Satispay Raises €60 Million to Drive Expansion and Secure Market Leadership
Satispay raises €60 million to fuel growth, expand into new services, and solidify its position as a paytech leader. With new funds, the company plans strategic acquisitions, further user growth, and a record hiring drive as it pursues market leadership in welfare services.
November 1, 2024 – Italian paytech leader Satispay has secured an additional €60 million in funding, bolstering its status as a unicorn. This latest capital infusion follows previous rounds of €90 million and €320 million, elevating the company’s valuation and growth potential. According to Il Corriere, the funding once again comes from top investors Addition, Greyhound Capital, and Lightrock, with approval from the Italian government under Golden Power regulations.
A Strategic Boost for Growth
This new funding will enable Satispay to accelerate its ambitious plans for acquisitions, grow its customer and merchant base, and significantly expand its tech team. From just 280 employees at the end of 2022, Satispay now has 670 team members, with plans for the largest hiring drive in its history next year.
Expanding into New Sectors and Services
In 2023, Satispay made key moves by entering the meal voucher market and launching fringe benefits, positioning itself to provide a full spectrum of welfare services. With a target to lead the market within five years, the company is set to further innovate and enhance its offerings.
Financial Milestones and Governance Enhancements
At the start of 2024, Satispay had €90 million in cash and was executing an approved investment plan despite projected losses of €55 million. Impressively, losses came in under €45 million, and with this fresh capital, the company’s cash reserves are projected to exceed €100 million.
Alongside the financial expansion, Satispay’s governance has evolved: the three founders—Alberto Dalmasso, Dario Brignone, and Samuele Pinta—will regain majority control through a change in voting rights, moving from three to five votes per share. Additionally, 15% of the company’s value has been allocated to employees through stock options.
Record Growth in Consumer and Corporate User Base
Satispay’s momentum is visible in its expanding user base. Corporate clients using its welfare services have surged from 5,000 to 12,000 since January, while employee users rose from 12,000 to 50,000. The app’s consumer base has now exceeded 5 million users, with net revenues expected to reach €45 million by year-end, a 60% increase from €28 million last year.
This latest funding underscores Satispay’s commitment to leading the paytech space, bringing cutting-edge financial solutions to consumers and businesses alike.