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Tencent completes investment in Italian mobile payment startup Satispay

Abstract : Chinese tech giant Tencent confirmed Thursday that it has completed an investment of 15 million euros (18.3 million U.S. dollars) in Italian fintech startup Satispay in efforts to tap into Europe's growing mobile payment market.

A journalist experiences Wechat Pay, Tencent’s mobile payment tool, at a 7-Eleven convenience store in Hong Kong, south China, Aug. 14, 2017. (Xinhua/Wang Xi)

SHENZHEN, May 27 (Xinhua) — Chinese tech giant Tencent confirmed Thursday that it has completed an investment of 15 million euros (18.3 million U.S. dollars) in Italian fintech startup Satispay in efforts to tap into Europe’s growing mobile payment market.

The investment was finalized after the Italian government gave the official go-ahead in February, the Shenzhen-headquartered company told Xinhua.

Tencent said it has invested in Satispay on account of the latter’s rapidly growing business and the bullish long-term prospect of mobile payment in Europe.

Tencent will support Satispay’s move to expand businesses in Italy, Luxembourg and Germany, the company said. Enditem

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Source: Tencent completes investment in Italian mobile payment startup Satispay

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