The Italian fintech company Credimi closed a $37.8 million (€32 million) securitization, the securities of which were fully subscribed by Banca Sella. The proceeds will go to feed a ceiling of loans provided directly by Credimi in favor of Italian SMEs based in Italy. The latter will be able to apply for loans with a maximum duration of 5 years with a repayment start scheduled for 2021.
The procedure for making the request is completely digital and available 24/7, with a response in 3 working days. The loans will be guaranteed by the Guarantee Fund for a minimum percentage of 90%, in accordance with the provisions of the Liquidity Decree.
Read more details about Credimi and find the most important business news in the world with the Born2Invest mobile app.
This is not the first agreement between Credimi and Banca Sella
The signing of the securitization strengthens the partnership between Banca Sella and Credimi, which last May signed an agreement for the loan to SMEs, called Liquidity 100. Thanks to this partnership, Banca Sella can guarantee its customers, who carry out economic activities falling within the perimeter provided for by the Liquidity Decree, even faster times for the management of the loan applications provided for by the decree, which provides for the possibility of requesting a loan up to $29,600 (€25,000) or in any case not exceeding 25% of 2019 revenues, with coverage of the guarantee fund of 100%.
“Transactions like the one signed by Credimi and Banca Sella are always a virtuous example of how the various financial actors can work together to improve this country. Credimi has recently reached one billion disbursements, an extremely important milestone for us, made possible also thanks to innovative partners such as Banca Sella who have chosen fintech as an additional channel to finance businesses in the most effective and fastest way possible. Effective collaborations that allow us to concretely support thousands of Italian companies, especially those economically damaged by the recent pandemic,” underlined Ignazio Rocco, founder and CEO of Credimi.
Andrea Massitti, Head of Corporate and Small Business of Banca Sella, declared: “The attention and commitment to small and medium-sized enterprises has always been a central element of our business. With this agreement, our bank wanted to further contribute to supporting companies through the instrument put in place by Credimi. In fact, in such a delicate moment of the economic situation, agreements like this represent a valid contribution to restarting companies and with them the economy of the entire country.”
Credimi is active in invoice financing to SMEs
Founded by Ignazio Rocco di Torrepadula, former senior partner of BCG, together with a team of young people with technological and financial experience, Credimi is active in invoice financing and loans to SMEs. To date, more than $21.3 million (€18 million) of capital has been raised from investors, thanks to two different rounds: the first of $9.46 million (€8 million) in two successive tranches closed in February 2016 by well-known entrepreneurs and finance professionals and the other of 10 million euros in September 2018, led by UV2 (United Ventures sgr) and Vertis Venture 2 Scaleup (Vertis sgr) .
Last June, Banco Desio and Credimi allocated $59 million (€50 million) for SMEs. The resources, coming from the Brianza bank, were used to underwrite Credimi securitization vehicles. Last August, Banca del Piemonte and Banca di Asti undertook to invest $35.5 million (€30 million) in the securities of the above-mentioned securitization.
Last May Banca Sella, already active in open banking, as part of the initiatives it is launching to support the economy and customers in difficulty due to the COVID-19 emergency, signed an agreement with Credimi, in which it also holds a participation. Thanks to this partnership, Banca Sella will be able to guarantee its customers, who carry out economic activities falling within the perimeter envisaged by the so-called Liquidity Decree, even faster times for the management of loan applications provided for by the decree, which provides for the possibility of requesting a loan up to to 25 thousand euros or in any case not exceeding 25% of 2019 revenues, with coverage of the guarantee fund of 100%
Last April Credimi structured the Italianonsiferma securitization with Generali, through its International Extraordinary Fund launched to deal with the coronavirus emergency, which will be anchor investor of the junior tranche, with a $11.8 million (€10 million) stake on a final target of $118.3 million (€100 millions). Last March, however, the company launched Credimi Start, a new financing product dedicated to very small companies and startups, to help them overcome the difficult market moment created by the coronavirus infection. At the beginning of 2020 Credimi had launched Credimi Human Capital, a financing formula aimed at supporting the growth of SMEs and employment in Italy, launched in partnership with Openjobmetis, the employment agency listed on the Star segment of the Italian Stock Exchange.
In July 2019 Credimi securitized a credit portfolio with a gross value of $15.4 million (€13 million) originating as part of the Credimi Futuro initiative. During the year, other loans originating from Credito Futuro were then securitized for a total of $23.7 million(€20 million), while over $47.3 million (€40 million) were originated as part of the other medium/long-term loan initiative, called Credimi Flexi. Furthermore, according to BeBeez reports, in 2019 Banca Generali placed a structured product to its professional customers with underlying $71 million (€60 million) of medium / long-term loans to Italian SMEs that have been offered on the Credimi platform. To date, Banca Generali is studying with Credimi a new investment commitment on the front of medium / long-term loans to SMEs, again for a product to be offered to its professional customers.
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.
Doorway and OurCrowd Team Up to Facilitate Investments in International Hi-Tech Startups
OurCrowd, a global online venture investing platform, was recently named the most active venture capital investor in Israel by Pitchbook....
Golf Carts Just Got Real Sexy—Triad Pro’s eCell Is the Reason Why
What’s one EV that’s sure to get you talking? How about the solar-powered SPREE golf cart? No? Let’s change that....
Bitcoin Makes a Comeback Despite News about Omicron Variant
Before the WHO announcement, the value of Omicron was just $65 and shot up to $675 by Sunday, but the...
Eroski Opens in Vitoria its First 100% Renewable Energy Market
The store that opened on November 29th and opened to the public on November 30th represents the culmination of a...
How Xrapplied Is Bringing Business to the Augmented Reality (AR) and Virtual Reality (VR) Metaverse and Beyond
XRApplied is tapping into an AR, VR, and MR metaverse market that is expected to reach over $450 billion in...
Cannabis2 weeks ago
120,000 Visitors Expected at an Exhibition on the Cannabis and Hemp Industry in Argentina
Business2 weeks ago
Lundin Group-Backed ShaMaran Primed for Post-pandemic Oil and Gas Comeback
Business1 week ago
Welcome to the MicroBuddies™ NFT Metaverse: Game Collectibles for Fun and Profit
Crypto2 weeks ago
Costa Rica Proposes a 13% Tax on Cryptocurrency Purchases