Italian mobile payments startup Satispay SpA has launched a new capital increase of up to EUR 30 million to finance its European launch.
Satispay’s app, which uses Sepa transfers, allows users to exchange money or make even small payments in shops. To date, it has been downloaded by 200,000 users (around half of whom are active) and is accepted by 14,000 shopkeepers, with around 70 new members every day, who can also use it to send promotions to customers.
Founded in 2013, Satispay has entered the very hot mobile payments sector, where giants such as Apple (with Pay, soon to be launched in Italy) and Android (Pay) are competing.
But by linking up to users’ current accounts and managing payments through bank transfers, it is able to bypass the traditional credit card and Paypal circuits, keeping transaction costs very low for merchants and encouraging micropayments.
Gambino Repetto & Partners, with partner Enrico Repetto, assisted Satispay in drafting and negotiating the investment contract governing the participation of third party investors in the share capital increase.
The company was assisted by Edoardo Canetta of Chiomenti Studio Legale for the corporate aspects related to the amendments to the articles of association and by Ricci Radaelli, in the person of partner Giovanni Ricci, with the support of the start-up division, with regard to the structure of the capital increase and the definition of the amendments to the articles of association.