Baker McKenzie has advised Tencent Holdings ("Tencent") on its investment in Italian fintech startup Satispay. Tencent was joined in the investment round by Square, Inc., LGT Lightstone and TIM Ventures.
The transaction, which raised EUR 93 million, provides Satispay with new financial resources to fuel its European expansion. The formal closing is subject to customary closing conditions and is expected to complete by the end of the year.
Satispay is Italy's leading provider of mobile payment services at the POS, with an annual transaction volume of EUR 344 million from 1.3 million users.
Square, Inc. is a leading American fintech led by Jack Dorsey, cofounder and CEO of Twitter. TIM Ventures is the corporate venture capital arm of Telecom Italia. LGT Lightstone is the growth equity impact investing arm of LGT Capital Partners, the largest family-owned private banking and asset management group in the world.
The Baker McKenzie team was led by Partner Pietro Bernasconi and Senior Associate Sara Belotti, based in Milan, with support from Partner Tracy Wut and Associate Angie Yeung, based in Hong Kong.