Tencent completes investment in Italian mobile payment startup Satispay

SHENZHEN -- Chinese tech giant Tencent confirmed Thursday that it has completed an investment of 15 million euros ($18.3 million) 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.