Microcredito d’Impresa (MDI) has collected over (€756,000) on the Opstart portal, overfunding 202%. MDI decided to transform its business into a real online bank, creating the first micro-credit bank in Italy, which is why it launched an equity crowdfunding campaign on Opstart with a minimum funding target of $439,300 (€374,500), already widely exceeded, and a maximum of about $4.46 million (€3.8 million).
This is the second equity crowdfunding campaign for MDI, which last December raised over $2 million (€1.7 million) in its equity crowdfunding campaign on the BacktoWork platform. The campaign was launched on October 26th with a minimum target of $400,250 (€341,250) and a pre-money valuation of the company of around $2.05 million €1.75 million. The campaign resulted in a 50.12% distribution of shares, spread over 69 investors.
Read more details about the crowdfunding campaign of Microcredito d’Impresa and find the latest business news with the Born2Invest mobile app.
Microcredito d’Impresa is authorized by the Bank of Italy
Founded in December 2017 and operational since 2019, after obtaining authorization to operate from the Bank of Italy, Microcredito d’Impresa is headed by CEO Massimo Laccisaglia (who is also Chairman of i-RFK) and General Manager Diego Rizzato. The company is experiencing strong and rapid growth which has led it to reach Break Even Point in the second quarter of 2020.
Since October 2018, it has disbursed 180 loans for $5.28 million (€4.5 million) and is currently active in 9 regions with 40 tutors, i.e. external professionals who are responsible for both the start-up and post-grant monitoring.
As for funding, it does not stop at banks. The company works with some debt funds that will subscribe bonds in order to mix funding. Corporate micro-credit finances itself at an average cost of capital of less than 4%, while it provides loans with a TAN of 8.5% and an APR of 11.0%.
Microcredito d’Impresa was promoted by Francesco Rosetti (ad di Double Consulting srl, a management consulting company in the banking sector, part of the international group Expleo), Edit Service srl (a company linked to UIL, with extensive connections in the social and territorial fabric), Confartigianato Viterbo, Marco Ravaldi (ceo of First Data Italy, Fiserv Group), Diego Rizzato (with consolidated experience in the banking sector and microcredit), Novaria srl and Innovative-RFK.
The latter is an Italian investment company in innovative startups and SMEs, founded in 2017 by Paolo Pescetto, Massimo Laccisaglia and Andrea Rossotti, backed by the experience of Red-Fish Kapital, a company operating in the field of private equity investments with investments of about 50 million euros in club deal mode.
What microcredit to businesses means
Microcredit to businesses consists of loans up to a maximum of $41,000 (€35,000) granted to startups, small businesses, and professionals with less than 5 years’ seniority. To date, there are 13 microcredit companies supervised by the Bank of Italy. However, the opportunities for growth are important, given that there is an extremely favorable regulatory framework, consisting of the Decree of October 17th, 2014, no. 176, implementing art. 111 of the TUB no. 176/2014 and the implementing provisions of the Bank of Italy in 2015, which have given rise to a credit reserve for a new specialized subject, namely the microcredit operator, supervised informally by the Bank of Italy.
The regulation establishes that microloans are guaranteed by an 80% guarantee from the Guarantee Fund. There are also other intermediaries registered in the register ex art. 106 of the TUB of the Bank of Italy that make microcredit their main activity.
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