Italian mobile money platform Satispay has raised €320 million in Series D funding led by New York-based venture capital firm Addition, taking it to “unicorn” status with a valuation of over €1 billion.

Existing investors Greyhound Capital, Coatue, Lightrock, Block Inc., Tencent and Mediolanum Gestione Fondi SGR also participated in the round.

Satispay provides an alternative to credit and debit cards by allowing users to conduct transactions using only a phone number and an IBAN, thus eliminating the need for traditional intermediaries.

The platform allows users to pay in physical and online stores and exchange money between friends, as well as enables businesses to accept payments through a card-independent payment system.

Satispay claims to have three million consumers and 200,000 merchants in its network, including brands such as Carrefour, Eataly, and McDonald’s.

The company is headquartered in Milan, with offices in Luxembourg and Berlin. It employs 300 people and has raised over €450 million in funding since its inception in 2013.

“In the last two years, we have experienced exceptional growth, more than doubling our customer base and launching in three new markets.

 

We have also been able to bring in a lot of additional talent to our teams, helping us transform Satispay into a bigger, more structured competitive reality. It is truly a new beginning and we feel more determined than ever.”

said Alberto Dalmasso, Co-Founder and CEO of Satispay.

“We look forward to supporting Satispay as it continues to grow its team, expand its customer and merchant bases and accelerate its business to become Europe’s leading payment network,”

said Lee Fixel of Addition.