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Fintech Company faire.ai Closes €3 Million Seed Round

The fintech company faire.ai is also ready to expand its operations in all European countries where the opportunities offered by Open Banking can be seized. In October 2020 faire.ai closed the first round of financing of €1.5 million led by Banca Progetto, a bank operating in the household and corporate credit market, creating a strategic partnership for the bank’s digital development.

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The value of the seed round just closed by faire.ai amounts to €3 million. The B2B fintech company is specializing in consumer credit automation that leverages Open Banking as a source of data and uses artificial intelligence models to estimate consumers’ risk profiles, with the aim of democratizing access to credit. The round was led by lead investors Francesco Beraldi and Lorenzo Lamberti Sagliano.

Also participating in the investment were Fabrick as an industrial partner and a pool of investors: Cristiano Esclapon (Mamacrowd), Matteo de Brabant and Marco di Dio Roccazzella (Jakala), Paolo Barberis (Nana Bianca), Paolo Griffo (Panda), Francesco Marini (Lio Factory), Gianandrea Streklej (Venere. com), Massimo Ferro (Nestle), Jan Sprengnetter (Sprengnetter Group), Guido Polesello (Arcom), Edi Polesello (Maronese), Davide Marmondi and Enrico Angella (Swan Asset Management), Tommaso Mascetti (WMM Asset Management).

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What does faire.ai do

Founded in 2020 from the idea of four young experts in the fintech world: Gianluigi Davassi, Gilberto Taccari, Giorgio Fiorentino, Cristina Bonacina and Claudia Chiesa, faire.ai aims to consolidate in the Italian market for two main services, Data Analytics and Lending as a service, including the recently launched FairePay product. The former is a data analytics service that makes real-time credit ratings of individuals accessible; the latter allows users to installment their payments, being able to access a personal loan ranging from €2,000 to €20,000.

The expansion of faire.ai

The startup has quickly scaled up the number of employees, almost all of whom have degrees in engineering, computer science, or computer science, from the initial 4 to the current 26, and aims to hire an additional 10 staff members by 2023, thanks in part to the capital raised in this round. The company is also ready to expand its operations in all European countries where the opportunities offered by Open Banking can be seized. In October 2020 faire.ai closed the first round of financing of €1.5 million led by Banca Progetto, a bank operating in the household and corporate credit market, creating a strategic partnership for the bank’s digital development.

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“We started with the desire to create something totally innovative in fintech, innovating creditworthiness by analyzing Open Banking data with Machine Learning and Artificial Intelligence, we did not imagine we could achieve these goals.”

Narrated Gianluigi Davassi, co-founder and CEO of the company, who added, “It was the results we achieved, together with our development strategy, that convinced a parterre of leading investors to believe in us, giving rise to a seed-round that, in terms of its value (€3 million), ranks among the leading ones in Italy. We continue in our goal of growth and expansion, confident that the products we are offering on the market are extremely valid and worthy of the great interest we are gaining.”

“The startup studio Nana Bianca was created to support the growth of innovative companies, following with dedication, openness, and involvement in the development of the digital ecosystem and trying to facilitate new chapters of the future step by step. Our contribution to faire.ai goes in this direction: we are very interested in following the growth path of a fintech with great innovative potential, to explore new paths, made possible once again by the development of sophisticated digital technologies,” said Paolo Barberis, co-founder of Nana Bianca.

Lead investors Francesco Beraldi and Lorenzo Lamberti Sagliano were assisted by advisory company CII3 and the law firm Alma, composed of partner Avv. Roberto Nigro and associate Avv. Sveva Ricci.

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(Featured image by StartupStockPhotos via Pixabay)

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

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Jeremy Whannell loves writing about the great outdoors, business ventures and tech giants, cryptocurrencies, marijuana stocks, and other investment topics. His proficiency in internet culture rivals his obsession with artificial intelligence and gaming developments. A biker and nature enthusiast, he prefers working and writing out in the wild over an afternoon in a coffee shop.