Satispay, an Italy-based fintech startup tapping into mobile payments, has received a EUR 93 million in a Series C round.

The round consists of EUR 68 million of newly issued primary shares and approximately EUR 25 million secondary shares purchased from existing investors. Upon closing of this round, Satispay has now reached a total of EUR 110 million in primary capital raised since its inception in 2013.

The round was completed at a EUR 180 million pre money valuation. The new funding round is co-led by Square, Tencent, LGT Lightstone, the growth equity impact investing arm of LGT Group, and TIM Ventures, the corporate venture capital arm of Telecom Italia.

The round will help Satispay to consolidate its position in Italy while also accelerating its international expansion that already started in Luxembourg and Germany. As regards to Italy, Satispay has now reached over 1.3 million consumers and 130 thousand merchants, according to Yahoo Finance.

During the first 10 months of 2020, Satispay processed about 21,5 million transactions accounting for EUR 400 million in transaction volume, recording a 78% increase against the same period in 2019. In the context of the COVID-19 pandemic Satispay experienced significant growth in consumer and merchant signups and in the usage of in-app services, reaching more than 450,000 new users and 35,000 new affiliated merchants in the first 10 months of 2020.