Mobile Digital Payment Platform Satispay Gets $18M From Square

Italian payment app company Satispay SpA has received an investment of EUR15 million, or about $18 million, from Twitter CEO Jack Dorsey’s payment company Square Inc., according to Bloomberg.

The investment was made as part of a Series C venture capital round for Satispay, according to the company’s Twitter account. Bloomberg valued the round at EUR93 million.

Other investors include Tencent Holding, along with LGT Lightstone and Telecom Italia SpA’s TIM Ventures. Satispay’s post-money valuation will be EUR248 million.

One of Europe’s fastest-growing payment services, Satispay has more than 1.3 million users and 130,000 participating merchants, including KFC, Carrefour and Esselunga, Bloomberg said.

Dorsey’s Square reported better-than-expected earnings last week. The company posted third-quarter results that showed continued tailwinds in card-not-present transactions, a continued shift to larger seller contributions to gross payment volumes (GPV) and an increasing embrace of Cash App. Total net revenues of $3 billion were up from $1.9 billion last year, and compared favorably to the $2 billion the Street had expected. The 34 cents a share earned was better than the 16 cents that had been expected.

In other Square news, the company reported in September that Jacqueline Reses, head of the firm’s Square Capital unit, stepped down from her position at the end of October.

In September, Square reported that its share of cash transactions has fallen to one-third since the first of August, down from nearly 41 percent compared to the same time last year.