• Expects to be ready for IPO after full profitability
• Sees profitability by late 2026
• Looking for acquisitions in EUR 10m-EUR 50m range

Satispay, the Italian fintech firm, will list only once it reaches full profitability, CEO Alberto Dalmasso told this news service.

The company, which is valued at over EUR 1.2bn, is preparing internally for an initial public offering and will consider both European and US exchanges, with Nasdaq a likely option in the case of a foreign listing due to liquidity and valuation advantages.

“We think we’ll be ready for an IPO in three to five years after we achieve profitability,” Dalmasso said, adding that it is unlikely the company will go ahead in the near term. He said the company expects to achieve profitability by late 2026 without compromising on growth or cutting investments.

“We are not rushing, as the timing needs to align with market conditions to maximize shareholder value,” he said.

The company’s finance team and internal committees are overseeing IPO preparation, with external advisors and syndicate roles likely to be decided closer to execution. Satispay will also consider secondary liquidity options as a precursor to a public offering, he said.

In the run-up, Satispay is actively exploring acquisitions to bolster its offerings and expand its network, Dalmasso said. The company is targeting deals in the EUR 10m-EUR 50m range, focusing on businesses that enhance merchant or consumer features or accelerate growth.

“We are looking for companies that can help us improve our product and grow our network,” Dalmasso said.

“Size matters for their tech capabilities, but revenue is less of a focus.”

The company plans to execute these acquisitions using a mix of equity and cash, with market consolidation opportunities expected to materialize in the next 12-18 months. Most of the acquisitions will be in Italy, Dalmasso said.

Satispay is fully funded, having raised EUR 60m in 2023, and does not foresee the need for additional capital or debt in the near term unless an acquisition justifies it. The company expects annual revenue for 2024 to reach EUR 60m, despite increasing headcount and investing in user acquisition, reflecting nearly 100% year-over-year growth.

“Our cash flow is strong, and we are focused on achieving profitability without cutting growth investments,” Dalmasso said.

Since 2022, Satispay has grown its workforce from 280 to over 670 employees, with plans to double its product and tech teams in 2025 to meet the demands of its expanding operations.

Satispay is targeting 30% growth in its closed-loop payment network in 2025 and is preparing to launch an investment product powered by its long-term savings feature, which has shown over 50% adoption in early tests, Dalmasso said.

“We are focusing on consolidating our leadership in Italy while carefully testing international markets,” Dalmasso said.

The company is also using artificial intelligence to improve customer processes, including risk scoring and credit analysis, and to optimize marketing through pattern recognition and referral efficiency.

Satispay aims to evolve into a Western super app similar to Kazakhstan-based Kaspi [NASDAQ:KSPI] or South Korea-based Toss, integrating payments, savings, and investment products into a unified platform, Dalmasso said.