The Italian fintech company Fido closes a €1.1 million financing round

The Italian fintech company Fido closed a $1.3 million (€1.1 million) round. It was underwritten by Giorgio Valaguzza of Ithaca Investments (who joined the Board of Directors of Fido), Alessandro Fracassi of Gruppo MutuiOnline, Attilio Mazzili of Orrick, Fernando Spallanzani of Banca Privata Leasing, Giacomo Sella of Gruppo Sella, angels of Italian Angels for Growth (with Gianluca D’Agostino and Giovanni Strocchi champion of Iag for investment) and other private investors. The capital increase saw the involvement of Sin&rgetica as advisor, Orrick firm for legal aspects and Clarkson Hyde for fiscal aspects 

Fido is the digital credit & risk scoring platform using artificial intelligence founded by Marko Maras and Paolo Mardegan. The two have already launched other successful digital initiatives. Marko Maras founded and sold OneBip, collaborated to the success as shareholder and manager since 2014 in DigiTouch and was co-founder and CEO of Audiens srl. Paolo Mardegan was founder of DigiTouch, Italy’s largest independent digital group that was later listed on Aim in 2015 – and co-founded Audiens srl within the Group.

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Fido offers a solution for companies to assess the customer’s profile

The capital increase aims to accelerate the technological and product development of the startup, a proprietary platform that allows to assess the risk of fraud and the quality of customers through the analysis of their online behavior and the use of artificial intelligence.

Marko Maras, CEO and co-founder of Fido, commented: “Over the past few years, both consumer buying methods and channels have changed, as well as the types of products and services purchased. For this reason, it is clear that traditional risk assessment systems are not very effective in tracking the risk profile of certain segments of the population, in particular, new digital consumers between 18 and 25 years old.” He added: “Fido was created to be a complementary solution to traditional risk assessment systems. The novelty of Fido lies in the use of alternative data sources and risk analysis models aimed at better profiling online customers in full respect of privacy.”

Paolo Mardegan, CCO and co-founder of Fido, concluded: “Fido’s target markets will be worth over $100 billion by 2023 globally. Our advanced solutions are aimed at 4.0 companies operating in the fintech, e-commerce and payment sectors. Fido combines the most advanced technologies with ease of use in an innovative yet easy to use consumer profiling platform for both large companies and SMEs.”

Fido is an innovative digital credit & risk scoring platform that uses new types of data and artificial intelligence to verify the identity of consumers online and assess its reliability. The increasingly widespread use of the internet makes available a lot of information about the users who use it, such as social networks, data on the navigation online, e-mail and on the devices used. 

This information, called “digital footprint”, has strong predictive power and is used by Fido to track in more effectively the risk profile of new digital consumers. Fido collects this information through a network of data providers (online publishers and e-commerce sites) in the full respect for privacy. Fido services can be activated via API or in “no-code” mode by displaying the data directly in the Dashboard. The solution is aimed at organizations of any size, from small startups to large companies, to help them evaluate the quality of customers online in a simple and immediate way.

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(Featured image by justynafaliszek via Pixabay)

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