CrescItalia Provided 100 Million Euros of Financing to SMEs

CrescItalia, a fintech advisor specialized in the creation of alternative finance solutions for businesses through the intervention of institutional investors, has reached 100 million euros in financing provided to Italian SMEs through the CresciCONnoi initiative, created from the collaboration with the Confidi Confidicoop Marche, Confeserfidi and Garanzia Etica.

The operation was launched in the summer of 2023, following the entry, announced in March 2023, of the three largest Confidi in the share capital of CrescItalia with a total share of 11.25% , acquired by subscribing to a capital increase of 4 million euros.

On that occasion it had already been explained that the operation should have been seen as the seal of a partnership which envisaged the involvement of the partner Confidi as guarantors and providers of loans to SMEs which would have been the underlying of securitization operations subscribed by qualified investors and conveyed by special vehicles.

And in fact, at the end of August 2023, the three Consortiums had then started a securitization operation of performing loans to SMEs originated and guaranteed by them up to a total amount of 150 million euros. The operation was structured by illimity Bank , through its Investment Banking Division, together with CrescItalia itself.

CrescItalia is already planning new solutions to offer to professionals and entrepreneurs

More specifically, illimity acted both as lead-arranger alongside the co-arranger CrescItalia is in the role of underwriter of the partly paid ABS notes whose ramp-up period will end approximately next September; while the credits in question are processed and analyzed end-to-end through CrescItalia’s technological platform, which allows the entire life cycle of the operation to be managed. Master servicer of the securitization is Zenith Service, which also handled the profiles relating to the establishment and management of the special purpose vehicle, GRO SPV srl.

By virtue of the success of the model adopted, CrescItalia is already planning new solutions to offer to professionals and entrepreneurs: among the planned initiatives are the refinancing of the current vehicle and the introduction of new types of financing for the agriculture sector and other vertical sectors.

Luigi Tagliaferro , general director of CrescItalia, commented: “The achievement of 100 million in
loans disbursed represents an extraordinary result for CresciCONnoi and demonstrates the value of the collaboration between CrescItalia and the Confidi in supporting the real Italian economy. We will continue to work hard to ensure that SMEs have access to the finance they need to grow and prosper.”

Marcello Tiddia , general director of Garanzia Etica, declared: “100 million euros of financing
disbursed in eight months, in a historical moment where the traditional banking system does not seem particularly oriented towards granting new credits, demonstrates the great value of the project and the winning choice of this solid partnership which has contributed to supporting the business system in their development path and which will allow us to do so further thanks to the new initiatives that will be operational shortly”

“The achievement of 100 million euros of financing provided to Italian SMEs, through the CresciCONnoi initiative, represents a concrete and complementary solution to the general credit crunch underway at a national level and at the same time a precious response within the macroeconomic framework which still appears uncertain and unstable”, underlined Emanuela D’Angelo , general director of Confidicoop Marche.

“The CresciCONnoi experience represents a link between fintech and Confidi and demonstrates that the innovation of alternative finance, combined with the Confidi’s knowledge of the entrepreneurial fabric, can concretely support companies”, added Bartolo Mililli , CEO of Confeserfidi.

The last securitization operation of loans to SMEs which had involved Crescitalia before the CresciCONnoi program and which had been reported dates back to 2020. At that time the Azimut Corporate Cash fund , managed by Azimut Libera Impresa sgr , had fully subscribed to the notes until to 26 million euros issued following the securitization by Zenith Service of trade credits assigned by Italian SMEs on the fintech platform CrescItalia Lab Platform of Crescitalia Holding. The same CrescItalia Lab platform is used to select the investments of the SGT Crescitalia Invoice Fund , managed by Sagitta sgr , controlled by Arrow Global.

Founded in 2014 by CEO Mattia Donadeo Spada and president Andrea Arcangeli, the company is formally 100% owned by Eurofinleading Fiduciaria spa. At the end of 2021, the company listed a 5 million euro minibond expiring in March 2027 in Vienna.

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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.

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