Credit Service Spa, a fintech company based in Venice and specialized in invoice management and supply chain finance services, has signed an investment agreement with Valsabbina Bank and Siav, a Padua-based company leader in the Enterprise Content Management sector.
The transaction will allow the two investors to acquire a total of 25% of the company that owns the MyCreditService.com platform, and also provides for an exit plan equal to 2X for the investors that in June 2019 had supported the company through an equity crowdfunding campaign on the Fundera platform. The shares of the “crowd” investors will in fact be acquired by the company itself, in the meantime become a Spa, which will use them for its own stock-option plans. The campaign, which raised more than $267,500 (€220,000) for a pre-money value of $3.16 million (€2.6 million), was attended, among the 30 investors, also by the certified incubators Digital Magics and Trentino Sviluppo.
Read more on the subject and find the latest business news with the Born2Invest mobile app.
New services will be created
The entry of the two new partners will allow the creation of new services, strengthen the funding to support companies thanks to the support of the Bank of Brescia, and integrate the same platform with the services of Electronic Invoicing and electronic management solutions of documents and digital processes of Siav.
“We have worked from the beginning on a deal that had all the souls of fintech at its core – comments Enzo Sisti, CEO of Credit Service – namely finance and technology. We found them in a solid and visionary banking partner with the ability to interpret the new digital service offerings, and in a digital provider with a solid technology stack and widespread market presence. Thanks to these collaborations, we are now ready to develop our growth plan, which envisages arriving at financing through our platform in 2025 more than one billion commercial credits of companies.”
Founded in 2014 with a focus on trade credit management solutions, MyCreditService integrates tools for analyzing companies’ trade credit based on machine learning, with supply chain finance solutions, which allow financing and optimizing the management of industrial and commercial supply chains. In practice, a real “virtual market” where companies can sell their trade receivables to institutional investors and thus finance their working capital.
Currently, the development plan includes new frontiers such as open banking and Artificial Intelligence, indispensable tools to address a post-Covid 19 scenario, in which it will be crucial for companies to equip themselves with systems capable of managing and sharing data and information with the market and the financial ecosystem.
“The investment in Credit Service is part of the strategy of diversification and modernization of the business – underlines Hermes Bianchetti, Head of the Business Division of Banca Valsabbina -. The market of invoice trading and commercial credit in particular is large and constantly evolving and we want to develop a growth strategy shared with Credit Service, exploiting technological innovations together with innovative forms of complementary finance, supporting and sustaining businesses and the real economy”.
“This partnership represents a natural evolution of our offer with highly innovative services that simplify business governance and provide a concrete response to the needs of an increasingly proactive management of corporate financial resources”- said Nicola Voltan, CEO of Siav SpA. “Together with Credit Service and Banca Valsabbina we believe, from a strategic point of view, we can develop a synergy that will allow us to offer a unique solution in the market.”
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 Crowdfunding buzz, 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.
New Research Shows CBD Relieves Severe Anxiety in Young People
A new study has confirmed the effectiveness of CBD in treating severe anxiety, this time in a test group of...
Kim Kardashian and Other Crypto Influencers Have Bankrupted Thousands
As celebrity influencers jump on the crypto bandwagon, many uninformed investors are getting caught out in what are essentially pump...
Experience of Covid-19 Rapid Tests Opening the Door to a Medicine of the Future?
The response to Covid-19 by governments and the medical community demonstrated the possibilities of rapid testing and vaccine development. Now...
Surveys Show People Invest in Crypto Mostly Due to Its Ease of Trading, but What Other Reasons Are There?
In what feels like the blink of an eye, crypto has become a major buzzword of our era. But what's...
Are We on the Verge of a Roaring Stock Market Rebound?
Is a stock market recovery on the cards any time soon? Surely not, right? After all, we're living in an...
Business2 weeks ago
Best Small Business Web Hosting — The Only Guide You Need
Cannabis5 days ago
Why Tilray Shares Rose This Friday Morning
Featured2 weeks ago
Indra Gains Traction as an ESG Asset Despite Last Month’s Controversial Board Meeting
Crowdfunding2 weeks ago
Xolid Closes €5 Million Round on Equity Crowdfunding Platform CrowdFundMe