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Square Inc. , The payments company run by Jack Dorsey, is among the major new investors in Italian mobile payment platform Satispay SpA, in a move aimed at expanding its operations in European markets, according to a statement by Satispay..
People familiar with the matter said that the San Francisco-based company invested about 15 million euros ($ 18 million) for a minority stake in Satispay, and asked not to mention it because the value is not public.. The statement said the deal is part of a larger round of investment of 93 million euros that will also be joined by Chinese company Tencent Holding Ltd, LGT Lightstone and TIM Ventures of Telecom Italia SpA and other investors.. .
The company said that after the investment round, Satispay has an after-money value of € 248 million.
A Satispay spokeswoman declined to comment on Square’s investment. A Square representative was not immediately available to comment.
Milan-based Satispay is among a number of rapidly growing European mobile payment services, with more than 1. 3 million users and 130. 000 dealers adopt it such as KFC, Carrefour SA, and Esselunga SpA, one of the largest supermarket chains in Italy.
Square, Jack Dorsey, Financial technology, Startup company, Investment, Tencent, Mobile Payment
World News – AU – Jack Dorseyâ ???? s Square invests $ 18 million in Italyâ ?? ??? s Satispay app
Ref: https://www.bloomberg.com
