Connect with us

Featured

Credito Fondiario Prepares to Buy Fintech Invoice Financing Platform Fifty

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.” Be Credit Management, which specializes in the analysis and servicing of tax credits, remained at the head of Credito Fondiario.

Published

on

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.

Read more on the subject and find the latest finance news in the world with the Born2Invest mobile app.

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).

SEE ALSO  Protect your productivity from time-wasters in 7 ways

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.

__

(Featured image by jackmac34 via Pixabay)

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 Be Beez, 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.

Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.

Continue Reading