Connect with us


Valsabbina Bank and Siav Purchase 25% of MyCreditService

Valsabbina Bank and Siav will purchase 25% of MyCreditService, as part of an investment agreement. 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.



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 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.”

SEE ALSO  How you can cash in on the property boom without a mortgage

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.”

SEE ALSO  PayPal stocks record new high as it sells US credit assets


(Featured image by Tumisu via Pixabay)

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.

Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.