FinTech news in Italy 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.

The previous share purchases refers to an existing relationship between the two: Nets already had a stake in Orderbird as a result of an acquisition it had made of payments company Concardis, and it increased that stake to 40% in a secondary transaction in September 2021.

The startup sells a salary-advance service to employers to offer their staff — charging companies a commission for the tech rather than levying a fee on users to withdraw a portion of their salary early (as some other salary startups do).