Italian fintech company Opyn (formerly BorsadelCredito) and Banca Valsabbina have launched the Pmi Be-Tech digital financing program, thanks to which the Brescia-based bank will disburse up to $113 million (€100 million) to SMEs through Opyn’s technology and securitization, in a software-as-a-service perspective, completing an operation that represents a further step in the path of bank-small business-fintech integration.
The Italian fintech company Cardo AI (9.8% owned by Banca Valsabbina since last May) also participated in the transaction as a fintech technology partner, providing the private debt market with the most advanced software and artificial intelligence technologies for data management and processing, together with the creation of contractual and regulatory reporting through a fully automated process. Hogan Lovells Studio Legale provided legal assistance as transaction legal counsel. For the role of master servicer and other management roles, Opyn availed itself of the collaboration of Centotrenta Servicing, while Banca Finint acted as paying agent, securities holders’ representative, and backup sub-servicer facilitator.
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The loans will be disbursed in fully digital mode and with assessment in 24-48 hours in amounts from $225,000 to $902,000 (€200,000 to € 800,000), with a duration of up to 72 months
The loans are assisted by the Guarantee Fund for SMEs and the guarantee application process is managed directly by Opyn. The loans will be available to SMEs based in the territories where the bank operates. The liquidity made available to the companies is provided by Valsabbina Bank through a dedicated securitization vehicle, as part of the project.
The transaction further strengthens the collaboration between the Milan-based fintech and the Brescia-based bank, which, since September 2020, has already conveyed through securitization transactions around $113 million (€100 million) to SMEs through the Slancio Italia project, created by Opyn to provide new liquidity to businesses hit by the economic crisis, which was followed in April 2021 by a further $225 million (€200 million) of financing as part of a new securitization transaction. In July 2021, Banca Valsabbina consolidated the partnership, purchasing approximately 8.3% of Business Innovation Lab, in a transaction that initially involved the purchase of shares on the secondary market and the assignment to Valsabbina of warrants convertible into additional shares until a total stake of no more than 9.9% was reached. This operation seals a collaboration that has been in place for some time. In fact, last April the bank, together with Azimut, underwrote the “abs” securities of the $225 million (€200 million) securitization of loans to small and medium-sized enterprises issued by Borsa del Credito and issued by Kripton spv. It was the second operation of this type involving Banca Valsabbina. In September 2020, in fact, the bank had subscribed to abs securities from a securitization of $113 million (€100 million) of loans offered on the platform.
Hermes Bianchetti, head of the business division at Banca Valsabbina, explained, “The partnership between Banca Valsabbina and Opyn is now solid, and we are pleased with this new agreement with one of the most innovative fintech companies in Italy. We thought of a project aimed at financing local SMEs by exploiting the technology and digitized processes of one of our main fintech partners. – We have made available liquidity for a ceiling of financing, assisted by the Guarantee Fund, for a total of $113 million (€100 million) to support the economy of the territories of our reference. In fact, the SME Be-Tech program aims to connect businesses to the bank through fintech technology. As part of the project, the bank relies on a selected number of networks affiliated with Opyn that will be able to introduce the product to potentially interested companies. With this innovative structure, we intend to streamline and speed up the response time to SMEs, while maintaining the effectiveness of risk mitigation measures. In the near future, digital lending will become an integral part of the services banks offer to the real economy. Opyn will be at the forefront of this evolution as a technology enabler for finance.”
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