GrowishPay, a Milan, Italy-based social payments startup, raised an approx. €1m in funding.
– €571.5k in equity crowdfunding via 200Crowd,
– €152k from other backers including Boost Heroes, the venture capital firm founded by Fabio Cannavale and Loris Lanzellotti, Veronica Mariani (Premiaweb, ex-Matrimonio.it and Agriturismo.it), Matteo Romano (Boston Consulting Group) and Federico Fulgoni, and
– €250k Open Innovation grant from SisalPay.
The company, which has raised over €2m to date, will soon launch ScuolaPay, a system for parents to make payments related to school activities.
Led by CEO Claudio Cubito, as well as Antonino Pisana and Michele Novelli, GrowishPay provides social payments solutions which feature an API o SaaS layer connecting with open banking systems to enable viral and social marketing campaigns (such as group payments, gift lists, private network payments via cashback, wallet management, dropping prices, etc.) to transfer money among users (P2P) or pay products inside a network or a community (P2B).
GrowishPay has over 80k active users who have transcted over €22m in payments on proprietary payments platforms (Growish.com, and Listenozzeonline.com) and on over 1,000 merchants including Mediaworld, Lastminute.com, Volagratis, Uvet Travel Network, LoveTheSign, Lastminutetour, Evolution Travel, Fantacalcio-online.com, Personal Travel Specialists, Musement, Nexi SmartPos and others.