- Italian fintech Satispay is raising up to €120 million to launch stock and ETF trading, pension products, and expanded welfare services.
- The raise is backed by returning investors, Addition, Greyhound Capital, and Lightrock, who have committed roughly half of the funds; Satispay’s valuation remains above €1 billion.
- Satispay has 6.5 million users, 450,000 merchant partners, and annualised revenue of €116 million, up 80% year-on-year.
Alberto Dalmasso co-founded Satispay in 2013 with a simple idea: build a payments network that did not touch Visa or Mastercard. Eleven years later, the company has 6.5 million users, 450,000 merchant partners, and a corporate welfare business that did not exist three years ago.
Now it wants to add something harder — getting Italians to invest. Today, Satispay announced plans to raise up to €120 million to fund the next phase: stocks, exchange-traded funds, and pension products, all inside the same app its users already open to pay for lunch.
Dalmasso, who runs the company as chief executive, co-founded it with Samuele Pinta and Dario Brignone. All three remain involved. The Milan-based company employs around 853 people and operates primarily in Italy, with a smaller presence in France and Luxembourg.
The €1.27 trillion opportunity
Italy is Europe’s third-largest deposit market: €1.27 trillion sits in household bank accounts, around 90% of it in overnight accounts paying near-zero returns, according to Raisin, which launched its savings platform in Italy in March 2026, citing exactly that figure.
Total household investments in mutual funds reached €679 billion by the end of 2025, but equity ownership among ordinary Italians remains low. Research from Banca d’Italia found that only 15% of households held government bonds as of 2024 — up from 6% in 2022, but still well below most of northern Europe.
“Italy holds one of the largest private financial wealth reserves in the world. Wealth that too often lies idle, fails to grow, and builds no future. We believe that investing should be within everyone’s reach, with the same ease with which people manage money in their daily lives today, Dalmasso says.
The company plans to open pension fund subscriptions to consumers by autumn, with stock and ETF purchases to follow.
Satispay’s pitch is that friction is the real barrier, not appetite. Its app bypasses traditional card networks, linking users’ bank accounts directly to a proprietary payment system. Someone who opens the app to pay at a supermarket or split a restaurant bill is, Satispay argues, a few taps away from a monthly ETF investment.
The company already has 500,000 users on its investment products — a money market fund run with Amundi and a managed portfolio option — with €140 million in assets under management. Nearly 70% have activated a recurring investment plan.
Why Revolut and N26 haven’t cracked it yet
Revolut, which has 52 million global customers, offers stocks, ETFs, and commission-free trading across Europe, including Italy.N26 has built ETF trading into its banking app. Trade Republic, the Berlin-based investing platform, has been building a user base among younger Italian savers since its 2023 launch.
None of them, however, operates a payments network with Satispay’s Italian footprint or a welfare platform embedded inside 43,000 companies. They are general European fintechs competing for Italian users. Satispay already has them.
That distribution moat is what the €120 million is meant to protect and extend. The raise is structured as a pre-emptive rights issue — a capital increase offered to existing shareholders first, with a vote scheduled for June 29. About half is already committed by returning investors Addition, Greyhound Capital, and Lightrock, the same trio that led Satispay’s €60 million raise in November 2024 and its €320 million Series D in September 2022, which first took the company past a €1 billion valuation. The remaining capital gives Satispay room for acquisitions. Total funding across all rounds now exceeds €500 million.
Lee Fixel, who founded Addition after leaving Tiger Global, has previously backed Flipkart and has been one of Satispay’s most consistent investors since 2022. Greyhound Capital, based in London, has held a stake since 2018. Lightrock joined in 2020.
The numbers behind the raise
Annualised revenue passed €116 million as of May 31, 2026, up 80% year-on-year over the last two quarters. The corporate welfare arm recorded €420 million in annualised volumes, a 250% year-on-year rise, against a target of €700 million by the end of 2026.
The buy now, pay later service, which lets users split purchases into three interest-free instalments, launched in late 2025 and has been used by more than 35,000 people on transactions totalling over €6 million. The company says it now generates a gross operating profit across all core business lines.
Every fintech that has tried to move Italian savers into markets has hit the same wall: saving is cultural, and the habit is deeply ingrained. Satispay’s answer is a distribution advantage that no competitor has replicated in Italy. Whether that proves enough to shift behaviour at scale is the question the next 18 months will answer.
