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TI.A - Telecom Italia SpA News Story

$5.21 0.0  0.0%

Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £9.63bn
Enterprise Value £32.78bn
Revenue £13.65bn
Position in Universe th / 6852

CORRECTED-Italy's Satispay aims to triple users by 2023, grow abroad

Mon 30th November, 2020 8:15am
(Corrects number of users in third paragraph to 1.3 million)
    ROME, Nov 30 (Reuters) - Satispay aims to triple its users
by the end of 2022 and will use cash from new investors
including Jack Dorsey's Square Inc  SQ.N  to grow in Italy and
abroad, the head of the Italian mobile payment start-up said in
a newspaper interview. 
    "Tripling (users) means increasing transactions five-fold
... and revenues seven-fold," CEO Alberto Dalmasso told
newspaper Corriere della Sera's L'Economia Monday supplement.
    Founded in 2013, Satispay provides a mobile app for payments
in shops and for money exchanges between users. It is used by
1.3 million people and 135,000 shopkeepers and expects revenues
of 40 million euros at the of the year, Dalmasso said. 
    Square Inc, the Californian mobile payments firm created by
Twitter's co-founder Dorsey, invested 15 million euros in
Satispay earlier this month.  urn:newsml:reuters.com:*:nL8N2I53XF
    New investors in Satispay, which include U.S. firm LGT
Lightstone, China's Tencent  0700.HK  and Italy's TIM Ventures,
the venture arm of Telecom Italia  TLIT.MI , will subscribe to a
68 million euro share issue. 
    Dalmasso said he expected the deal to close by the end of
the year and that cooperative banking group Iccrea, which
invested in Satispay in 2014, would exit the group's capital.
    He said Satispay wanted to become a "point of reference in
Europe for the payments sector" and that it aimed to grow
internationally, but not through acquisitions.      
    

 (Reporting by Giulia Segreti; Editing by Kirsten Donovan)
 ((Giulia.Segreti@tr.com; +39.06.80307714;))
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