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Tencent completes investment in Italian mobile payment startup Satispay- PingWes...

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Tencent completes investment in Italian mobile payment startup Satispay- PingWest

Tencent completes investment in Italian mobile payment startup Satispay

May 31, 2021 6:51 am

Tencent has completed an investment of €15 million ($18.3 million) in Italian fintech startup Satispay 

Details: The investment was finalized after the Italian government gave the official go-ahead in February, Xinhua News Agency reported.

Tencent said it has invested in Satispay on account of the latter's rapidly growing business and the bullish long-term prospect of mobile payment in Europe.

The Chinese tech giant said it will support Satispay's move to expand businesses in Italy, Luxembourg and Germany.

Context: Founded in 2013, Satispay provides a mobile app that allows users to pay in stores, exchange money with friends and pay fines. Satispay said in November it had a value of 248 million euros after the new share sale.

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