Italy-based mobile payment platform Satispay has raised €18m ($21.5m) in series C funding from investors including financial services firms Iccrea, Banca Etica and Banca Sella, according to the Corriere della Sera.
Venture capital fund Shark Bites and assorted angel investors also contributed to the round, which was oversubscribed by €6m and valued Satispay at approximately $79m post-money. Banca Sella took part through its strategic investment arm, Sella Ventures.
Founded in 2013, Satispay has developed a platform that allows users to send money to each other, split bills in restaurants and top up the credit on their phones.
Businesses can use the platform to accept in-store and online payments. The enterprise version is free of charge for payments of up to €10, with a flat fee of €0.20 for any larger amounts.
The company has clocked 330,000 downloads of its app since it was launched in early 2015, and counts 175,000 daily active users. It claims to be signing up new users at a rate of approximately 600 per day.
The funding will allow Satispay to strengthen its market position in Italy and to launch add-on services such as cashback and consumer credit.
Satispay has now raised €26.8m in funding to date, according to the Corriere report. Iccrea Banca previously participated in a €3m funding round in 2015 alongside various angel investors.