FinTech news in Addition category

They include helping city governments provide food stamps to users (which are deposited as a sum on Satispay to be used for food purchases); and a surge of use during COVID when people wanted to pay for items remotely or even in person without even tapping phones or taking out cards, using just Satispay’s app on their devices to complete purchases. The ever-expanding group also includes companies like Dwolla in the U.S. (which Dalmasso says is probably the most similar to Satispay in terms of how it operates); peer-to-peer payment efforts like PayPal’s Venmo and Square’s Cash App; buy-now, pay-later services; and the plethora of blockchain-based efforts to build out new currencies and means of buying and selling; and much more. Today, a startup out of Italy called Satispay — which operates an independent payment network that bypasses big banks and credit companies and promises lower transactions fees plus other benefits like better budget control to its users — is picking up a massive round of funding on the back of strong demand for its services. One of these is that users essentially deposit money into a Satispay account from their existing bank accounts to spend over a period of time, much like a pre-pay account, which helps them control what they spend monthly.

Branch, which aims to power faster payments to contract workers with its technology, has raised $75 million in a Series C funding round that has closed just six months after it announced its last financing round.

Partnering with companies rather than providing services directly to users, she added, helps Addition create a more customized offering by leveraging data on the companies’ employees and their specific financial needs.