SATISPAY receives authorization as Electronic Money Institution in Luxembourg.
The transfer of EMI from London to Luxembourg ensures continuity of the service even in the event of a “no deal” Brexit.
Company begins international expansion process #doitsmart
Milan, Luxembourg - March 26th 2019 – Satispay SpA announces that its subsidiary, Satispay Europe SA, has received authorization from Luxembourg regulator to operate as an Electronic Money Institution (EMI).
Alberto Dalmasso, co-founder and Satispay CEO, commented: “We have been operating until now with the EMI license under the Satispay Ltd subsidiary based in London. Several months ago we decided to start the authorization process in another country with the specific objective of protecting our users from the possible inconveniences that Brexit, especially with no deal, could have caused. After an in-depth market analysis, we found an extremely professional environment in Luxembourg, with a well-prepared regulator offering the market security and correctness guarantees, while ensuring new business entrants the opportunity to operate in a regulatory framework that supports growth and meets the needs of environments like ours”.
Pierre Gramegna, the Minister of Finance of Luxembourg, commented: “I’m delighted to welcome Satispay to Luxembourg. A leading EU payment hub, Luxembourg is today a first choice location for Fintechs wishing to successfully serve their European clients and grow further internationally”.
Following this change, all Satispay users will receive a communication regarding the technical transition at the end of March.
At the same time Satispay has begun working on launch operations to enter new markets by appointing Giorgio Ponticelli as Chief International Development. Giorgio, working alongside the founders and the management team, will be in charge of leading expansion in Luxembourg and Germany over the coming months.
Satispay is a mobile payment service based on an alternative network to credit and debit cards: fast, free and secure. Available for iOS and Android, it can be used by anyone with a bank account to exchange money with phone contacts, as well as pay in affiliated stores and e-commerce businesses with the same ease of sending a message. Personal accounts are completely free, in fact there are no costs for signup or sending and receiving payments. For merchants, there are no activation costs or monthly fees but a small fixed fee of € 0.20 for payments above € 10 (for payments below this amount, no commissions are applied).
In addition to the service’s clear economic advantages, Satispay also improves the customer experience, making payments faster and more efficient, ultimately reducing waiting time at the cashier. For these reasons small stores and big brands have chosen to integrate Satispay as a payment system. To name a few: Esselunga, Benetton, Caffè Vergnano, Grom, MyChef, Old Wild West, Total Erg, Kasanova, Motivi, Arcaplanet, Coop, Trenord, Pam, Eataly, Naturasì, Tigotà, Pittarosso, Yamamay, Carpisa, Brico Io. Satispay has also integrated with pagoPA for the payment of fines, taxes, stamps and health tickets, which can be made directly from the Services section within the app, where it is also already possible to top-up phone credit with Italy’s main operators, pay payment slip, and Road tax.
Satispay SpA is an innovative SME, the result of the intense work of a team of young Italians. After the previous financing rounds, the company has raised a total funding of 42 million euro.
Satispay is a fellow member of the LHoFT and hosted at the LHoFT since september 2018