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Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £9.80bn
Enterprise Value £33.02bn
Revenue £13.69bn
Position in Universe th / 6850

Dorsey's Square Inc invests $18 mln in Italian mobile payment startup Satispay

Thu 19th November, 2020 12:52pm
MILAN, Nov 19 (Reuters) - Square Inc  SQ.N , the mobile
payments firm of Twitter co-founder Jack Dorsey, has invested 15
million euros ($18 million) in the Italian start-up Satispay.
    Satispay said on Thursday that new investors would provide
fresh funds by subscribing to a 68 million-euro capital
increase. Strong investor interest also led current shareholders
to sell a minority stake to new entrants for 25 million euros. 
    The digital payments sector has boomed during the pandemic,
with more homebound consumers turning to online shopping while
also seeking to reduce contagion risks in shops by making
contactless payments. 
    Founded in 2013, Satispay provides a mobile app that allows
users to pay in stores, exchange money with friends and pay
slips and fines. Satispay said it had a value of 248 million
euros after the new share sale. 
    Among the new investors are also U.S. LGT Lightstone and TIM
Ventures, the venture arm of Italy's phone group Telecom Italia
 TLIT.MI , which invested 20 million euros each, and China's
Tencent  0700.HK , with 15 million euros. 
    The fresh money "will help Satispay to consolidate its
leadership position in Italy while also accelerating its
international expansion that already started in Luxembourg and
Germany", the startup said.

($1 = 0.8459 euros)

 (Reporting by Elisa Anzolin; Editing by Steve Orlofsky)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))
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