Tinaba (an acronym for This is not a bank), an Italian fintech startup launched by Sator Private Equity Fund in November 2015 has launched a new capital increase, this time for a good $34 million (€30 million). This is written by MF Milano Finanza, specifying that, as stated in the minutes of the extraordinary shareholders’ meeting held last December 10, the recapitalization became necessary “in view of the need to find financial resources to support the business plan and the prospective development of the company in the short to medium term.” The capital increase, offered to shareholders, can be subscribed within the next 12 months.
As a reminder, Tinaba’s shareholders are Arepo Ti (an emanation of the Sator Private Equity fund) which has about 70%, followed by Sator itself and Banca Profilo (listed on Piazza Affari and controlled by Sator) each with 15%.
If you want to find more details about Tinaba and its latest recapitalization round, download for free our companion app. The Born2Invest mobile app brings you the most important business headlines of the day and keeps you informed about everything that matters to you.
The operation comes a little over a year after the last recapitalization of $6.8 million (€6 million)
It is therefore the fourth capital increase subscribed by the shareholders since the launch of the business, after those of $1.7 million (€1.5 million) and $14.2 million (€12.5 million), both subscribed in 2018.
Tinaba had required 2 years and a half of work and $34 million (€30 million) of investment to be launched, Matteo Arpe had said in a press conference in July 2016, presenting Tinaba’s business plan.
Since then, however, and until 2020, Tinaba has accumulated over $36 million (€32 million) in losses: $6.8 million(€6 million in 2020, after $7.3 million (€6.4 million) in 2019, $10.6 million (€9.3 million) in 2018, $8.7 million (€7.7 million) in 2017, $2.5 million (€2.2 million) in 2016 and one million in 2015. Against capital reserves at the end of 2020 for more than $51 million (€45 million and a net worth of $14.4 million (€12.7 million).
The digital ecosystem created by Tinaba is based entirely on a proprietary Italian technology that enables partner banks to innovative and unique digital services. Tinaba’s app can be used worldwide to share money, allows for digital payments with zero commissions for merchants, and is integrated with Banca Profilo.
In fact, Banca Profilo’s interest in Tinaba should be read in the context of the industrial plan which envisages the development of the digital offer in partnership with Tinaba, to fully seize the opportunities of fintech, with a growth in users at the end of the plan at 375 thousand, assets in robo-advisor over $340.7 million (€300 million) and the launch of new products and services for total revenues of $6.8 million (€6 million).
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 Be Beez, 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.
Vans Launches Hemp-Based Sneakers
Analyzing every detail necessary for the development of the product, Vans incorporated sustainability where possible. The unique piece carries a...
Which Are the Best Securities Accounts for Sustainable Active Funds
A total of 24 providers of custody accounts for active ESG funds were evaluated, three times receiving the grade "Very...
The Weekly Export Sales Report for Rice Showed Poor Demand
Rice was lower on Friday but higher for the week and sideways trends held together in response to the USDA...
Solana Price Forecast for July: Trading Volume on NFT Marketplace Magic Eden Increases
Most recently, Solana was used to develop Magic Eden, the fast-growing non-fungible token (NFT) marketplace. It has become a leading...
Dedalus Extends its Network in Spain with the Creation of a Digital Health ‘Hub’ in Barcelona
Currently, Dedalus has a presence in the UK and Ireland, Northern Europe, Austria, Switzerland, Spain, China, Brazil, Australia, New Zealand,...
Biotech2 weeks ago
Satellos Bioscience’s Stem Cell Signaling Research Could Turn the Tables on Muscular Dystrophies
Featured2 weeks ago
Ecopetrol Shares Led the Stock Market Decline, with a Drop of 11.92%
Biotech2 weeks ago
Biotech Startups Double their Innovative Capacity
Featured2 weeks ago
A History of Market Dips: Where’s the Market Headed?