Inside SaltPay, the payments startup that quietly just raised $700m
Summary
In real terms, that means several different payment brands now sit under the SaltPay group across Portugal, Hungary, the Czech Republic, Iceland and the UK following an aggressive acquisition strategy (“they’re spending like crazy,” one peer commented). “I’m super passionate about local entrepreneurs, especially in tier two towns, especially underserved areas… the market just doesn’t really speak to them.” Mazanderani commented that SaltPay is using “customer-centricity” and its sprawling network of services to differentiate itself. Mazanderani, who spent a decade in private equity, says the acquisitions are an “augmentative approach.” In layman terms, that means SaltPay has radically changed its subsidiaries’ compositions (although it’s kept most of their original management in place). “[SaltPay] need to be very aggressive with growth, or they won’t get foothold in a very competitive market….that’s why they’re buying…but you can’t merge random groups together, and expect it to all work out [immediately],” the individual told Sifted, speaking on the condition of anonymity. “Plenty of Dawn’s companies have grown very strongly with selective acquisitions.” For all intents and purposes, SaltPay describes itself as a London startup, but in reality, it looks more like an established global cooperative.
