Italian Alternative Finance Players Unite to Form New EGM-Listed SME Hub

The operation intended to redefine the scope of alternative finance for Italian SMEs has officially taken shape. Smart Capital, Smart4Tech, CrowdFundMe, and WeAreStarting have signed binding agreements to create a new industrial group listed on Euronext Growth Milan, which aims to become a national benchmark for strategic consulting and capital raising for high-tech companies.

The operation involves the merger by incorporation of Smart4Tech and WeAreStarting into CrowdFundMe, with the aim of integrating complementary skills ranging from equity crowdfunding and real estate lending to financial advisory and technological development into a single platform.

A strategic merger between alternative finance platforms and advisory services

The industrial rationale behind the operation is clear: to build a one-stop shop for Italian SMEs, capable of supporting companies throughout their growth journey, from strategy definition to accessing capital through alternative finance instruments and regulated markets.

On one side are CrowdFundMe, the only crowdinvesting platform listed in Italy, with a strong focus on startups, real estate crowdfunding, minibonds, and real estate lending (including through its subsidiary Trusters). On the other are WeAreStarting, historically focused on SMEs, and Smart4Tech, a technology company controlled by Smart Capital specializing in the development of advanced algorithms for selecting investment opportunities.

The combination of the three alternative finance entities allows the expansionof the customer base, rationalize operating costs and, above all, integrate technology and advisory services into collection models.

A reverse takeover transaction on EGM

From a regulatory perspective, the merger qualifies as a reverse takeover pursuant to the Euronext Growth Milan Issuers’ Regulations, for both CrowdFundMe and Smart Capital.

The merger will be implemented through a capital increase by CrowdFundMe, with the issuance of over 4 million new shares allocated to Smart4Tech and WeAreStarting shareholders according to exchange ratios already defined and independently verified.

Following the transaction, Smart Capital will become the new group’s largest shareholder with approximately 31% of the capital, alongside the historical management of CrowdFundMe and WeAreStarting.

A shareholders’ agreement with a three-year lock-up is also foreseen, confirming the long-term industrial horizon of the operation.

Governance and long-term vision

Post-merger governance includes a seven-member Board of Directors. Tommaso Baldissera Pacchetti will remain CEO until the approval of the 2028 financial statements, while Laura Pedrinazzi, currently Smart4Tech’s General Manager, will serve as Chairman.

A structure designed to ensure operational continuity and, at the same time, progressive integration of the group’s various souls.

Impact on the alternative finance market

From an industry perspective, the operation represents one of the most significant consolidation processes in Italian alternative finance in recent years.

The combination of platforms, advisory services, and technology responds to an increasingly sophisticated demand from SMEs, which are no longer simply seeking capital, but also industrial partners capable of supporting growth, governance, and market access.

If the conditions precedent are met, the merger is expected to close within the first half of 2026. For the Italian alternative finance market, this could mark the beginning of a new phase, one that is more structured, industrial, and oriented toward scalability.

The words of the protagonists

Andrea Costantini, President and CEO of Smart Capital, stated: “Today we are taking a decisive step towards creating a new listed group, capable of integrating advisory, technology, and access to capital expertise into a single platform. The goal is to build a hub of reference for high-tech Italian SMEs, accompanying them throughout their growth journey.”

Tommaso Baldissera Pacchetti, CEO of CrowdFundMe, emphasized: “Smart Capital’s investment in CFM marks the beginning of a new chapter for the company. The new group aims to become a one-stop shop for Italian SMEs, providing both capital, through numerous alternative finance mechanisms, and a growth partner.”

Carlo Allevi, CEO of WeAreStarting, emphasized how “this operation represents a natural strategic step for WeAreStarting. The integration allows us to leverage the work done in recent years, inserting it into a broader industrial project capable of combining capital raising, technology, and advisory services.”

—

(Featured image by Towfiqu barbhuiya via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Crowdfunding buzz. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.