In the morning of February 24, it was reported that,The Italian government has approved Tencent and square, the US mobile payment company, to invest in satispay, an Italian payment start-up, the source said.Satispay said in November last year that new investors would subscribe to 68 million euros (82.57 million US dollars) of new capital and acquire a small number of existing shares for 25 million euros, bringing in new capital.
Square and Tencent plan to invest 15 million euros in satispray respectively. The deal needs the support of Italian regulators. Under Italian law, the government has the power to block unnecessary acquisitions in strategic industries such as banking, telecommunications and healthcare.
The Italian cabinet approved the deal on February 22, but did not disclose specific conditions, the source said.
During the outbreak of the new coronavirus, the digital payment industry flourished. Many consumers who were forced to shop at home turned to online shopping, and reduced the risk of infection when they went to the store through non-contact payment.
Founded in 2013, satispay provides mobile payment applications that support users to pay in store, transfer money to friends, and pay fines. The company also said in November that it was valued at 248 million euros after the IPO.
Satispray's new investors will also include LGT Lightstone, an American company, and Tim ventures, the venture capital arm of Telecom Italia. Both companies have said they will invest $20 million each in satispray.