Italian banking group Intesa Sanpaolo Group has invested €7m in MatiPay to strengthen its position in fintech and expand in digital payment systems.

MatiPay is a fintech start-up belonging to Italian holding company Angel Group. It transforms vending machines into smart points of sale, allowing products to be purchased through an app.

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The MatiPay app features a virtual wallet that can be topped up by both credit cards and cash by using coin boxes and banknote readers with which vending machines are equipped.

The transaction allows Intesa to access a new payment system that enables cash purchases using the vending machine network.

It will be also enable the bank to extend its range of asset management services through the integration with existing products or the development of new ones.

The investment was made via Neva Finventures, the corporate venture capital arm of Intesa Sanpaolo Innovation Center.

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MatiPay will use the investment to extend its operations in Europe, Japan and the US.

MatiPay CEO Matteo Pertosa said: “The financial resources will help MatiPay continue its international growth.

“We chose Intesa Sanpaolo both for the industrial partnership and for the affinity we have with its managerial values, which make Intesa a bank that supports the entrepreneurial ecosystem in the growth of the real economy.”

MatiPay has been installed on more than 40,000 vending machines. It has attracted over 500,000 customers.

Intesa Sanpaolo offers its services to 11.8 million customers via a network of around 3,900 branches well distributed across Italy.