- Addition has bought out Copper Street as part of a new round of funding
- Addition was followed by Greyhound Capital, Lightrock, Block, Coatue Management, Mediolanum Gestione Fondi – Societa di gestione del risparmio per azioni and Tencent
- The funding round brings Satispay’s valuation to over €1 billion
Copper Street Capital announced that it has divested its minority stake in Italian mobile payments company Satispay. Addition has bought out Copper Street’s stake as part of a new round of funding for the company, taking its valuation to over €1 billion.
Addition was joined in the round of funding by Greyhound Capital, Lightrock, Block, Coatue Management, Mediolanum Gestione Fondi – Societa di gestione del risparmio per azioni and Tencent.
Satispay launched in 2015 and was backed by Copper Street in 2018. The company, headquartered in Milan, aims to simplify everyday payments for consumers and cut transaction fees for retailers, with a view to helping them transition to mobile payments.
Since Copper Street’s backing the company has achieved a consumer growth increase of 800%. The company was valued at approximately €100 million at the time of Copper Street’s investment.
“The business has seen strong growth and made a significant impact on an important part of the financial services landscape,” said Jerry del Missier, founding partner and chief investment officer of Copper Street Capital. “The company has been a strong fit with our investment philosophy and belief in the European financial services sector, and we continue to explore new investment opportunities in the space.”
Copper Street was established in 2015 and is based in London. It is an alternative investment firm that focuses on thematic value-drive opportunities in the financial services sector.
Addition is a New York-based venture and private equity firm that invests in early and growth stage technology companies.