Satispay secures €60 million in a new funding round

The capital injection came from the same three funds involved in the previous large round: Addition, Greyhound Capital, and Lightrock. The deal recently received the green light from the Italian government under the GoldenPower regulation.

These funds will allow Satispay to ramp up acquisitions, expand its consumer base, and support merchants. It also plans to hire more developers to build new services and grow its customer base.

At the end of 2022, Satispay had 280 employees. Today, that number has grown to 670, and next year is expected to bring even more hires than ever before.

In 2023, Satispay entered the meal ticket market, launched has fringe benefit services, and now aims to offer 360-degree welfare solutions to become the market leader within the next 4-5 years.

The new capital also rebalances the governance structure: the three founding members – Alberto Dalmasso, Dario Brignone, and Samuele Pinta – will regain majority control, with voting rights per share increasing from 3 to 5. Additionally, with stock options already granted and those approved in June, the company is distributing 15% of its value to employees.

At the start of the year, Satispay had €90 million in cash reserves and approved an investment plan to grow despite an anticipated €55 million in losses. However, growth targets were met, and losses were lower than expected at €45 million. With this new funding, cash reserves will exceed €100 million.

Since January, participating companies in welfare initiatives have grown from 5,000 to 12,000, with users increasing from 12,000 to 50,000, while consumer users now exceed 5 million. The company expects 2024 to end with net revenue of €45 million, bolstered by meal tickets and fringe benefits (up from €28 million last year).

Satispay, the Italian unicorn, also has plans to enter new markets and sectors.