Credito Fondiario Prepares to Buy Fintech Invoice Financing Platform Fifty

Credito Fondiario, the fintech bank specialized in credit for SMEs, founded last July from the split of the two business areas of the group of the same name, which at the same time has seen the management and investment of impaired loans and illiquid to the newly formed Gardant, is preparing to buy the fintech platform specializing in invoice financing Fifty srl. This is written today by MF Milano Finanza, which has consulted the merger project just filed with the Chamber of Commerce.

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Fifty Finance closed 2020 with $731,760 (€647,000) of net revenues and an Ebitda of $81,450 (€72,000)

Fifty, founded in 2014 by Michele Ronchi (former BNP Paribas and Goldman Sachs), for years has worked exclusively for the management of invoices purchased by the Supply Chain fund managed by Groupama am sgr, reaching a total transacted at the end of 2020 of $1.5 billion (€1.33 billion), and it is no coincidence that it was initially participated not only by the technological partner Tesi Square spa, a provider of ICT solutions for companies and still a partner at 16.8%, but also by the same Groupama am sgr. Subsequently, Groupama am sgr’s shareholding was acquired by Ventura Capital Partners, Ronchi’s company, while today Fifty is 41.6% owned by Ronchi and another 41.6% by Alberico Potenza, former general manager of Groupama am sgr. Fifty Finance closed 2020 with $731,760 (€647,000) of net revenues and an Ebitda of $81,450 (€72,000).

The merger project of Fifty into Credito Fondiario states that the operation “is part of the context that provides for the acquisition by Credito Fondiario of the entire capital of Fifty and, immediately after the completion of the acquisition, the merger itself”.

Credito Fondiario, led by CEO Iacopo De Francisco and chaired by Panfilo Tarantelli, is 87% controlled by the US fund Elliott, through Tiber Investments sarl, with the rest of the capital held by management and other investors including the investment company Tages, founded in 2011 by former investment bankers Panfilo Tarantelli (current chairman of Credito Fondiario) and Sergio Ascolani, and present in the bank’s capital since 2013.

At the press conference presenting the spin-off of the Credito Fondiario group’s activities last July, Iacopo De Francisco had said that in the bank’s plans there was that of equipping itself with a direct lending platform.

Speaking of fintech platforms, let’s remember that also Be Credit Management, which specializes in the analysis and servicing of tax credits, remained at the head of Credito Fondiario, with Credito Fondiario having risen to 100% of the capital in December 2020. The company had been founded in November 2018 as a joint venture between Credito Fondiario and Be Finance, a Rome-based company operating in structured finance and tax credits. Initially, 35% of BE Credit Management’s capital was held by Credito Fondiario and 65% by BE Finance, but Credito Fondiario had an option to rise within three years to 100%, acquiring the 65% held by BE Finance.

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(Featured image by jackmac34 via Pixabay)

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