Valsabbina Bank has acquired 9.9% of Prestiamoci, an Italian fintech platform active in P2P lending for more than 10 years. The transaction involved the subscription by the Brescia-based bank of part of the capital increase resolved by the fintech, also functional to support the strengthening and growth of the company, as part of a path of continuous technological efficiency. Valsabbina Bank was assisted for the legal profiles of the transaction by ALMA Studio.
Daniele Loro, CEO of Prestiamoci, commented: “Prestiamoci continues to consolidate the business plan that sees it extend its position from the first Italian platform in the market of P2P financing to individuals to that of a leader in the management of investments in digital lending. We are very pleased to see the reference shareholders of Prestiamoci, including Digital Magics and Banca Sella Holding, joined in the capital increase by Banca Valsabbina, a dynamic and open to innovation partner with which to develop industrial synergies, as well as seize opportunities arising from new business.”
Hermes Bianchetti, head of the business division of Banca Valsabbina, added: “The market is constantly evolving and fintech is making an important contribution to the changes taking place. In recent months as a bank, we have finalized several transactions, defining investment agreements and strengthening existing partnerships with technological and innovative companies, diversifying the asset allocation of our investments. We have been supporting Prestiamoci in meeting its funding needs for some time now, so we have recently evaluated the possibility of contributing to the capital strengthening of the company, one of the Italian leaders in fintech financing to individuals.”
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Prestiamoci offers its own digital solutions for personal loans
Prestiamoci is participated by Digital Magics, Innogest sgr, Banca Sella Holding, Club Italia Investimenti 2 and other Italian and international investors. Prestiamoci, authorized by the Bank of Italy pursuant to art 106 TUB, manages the eponymous marketplace of personal loans between private individuals in which it takes part by financing the loans provided alongside its lender customers. The company also offers its own digital solutions for personal loans by financing itself through alternative and innovative forms of financing. With triple-digit growth rates, Prestiamoci currently has about 7,000 customers, has disbursed over 50 million loans, and is the first Italian platform in the consumer sector, about the tenth in continental Europe.
Prestiamoci in October 2018 launched a securitization transaction of personal loans, of which a portion related to the portfolio it had in charge, a portion of loans disbursed in the last six months and a final portion of loans it will disburse in the near future. The company has also initiated two securitization transactions of personal loans, one of which is in progress, for an amount of 60 million. The transaction had been anticipated on September 30, 2020 by CEO and co-founder Daniele Loro during his speech at Milano Finanza Digital Week, organized by Milano Finanza in collaboration with BeBeez. Banca Valsabbina was the lead investor, together with other investors, of the asset-backed securities. Last January, Prestiamoci obtained from the German Institute for Quality and Finance the seal of quality as the best offer in Italy for social lending loans, achieving the “TOP Conditions” label in social lending, with excellent evaluation for three years in a row.
Valsabbina Bank started to focus on the fintech sector
Valsabbina Bank is a joint-stock cooperative company, founded in 1898. It is the main popular bank in Brescia and for over 120 years it has supported the growth and economic development of the Brescia area, acting as a partner both for families and for craftsmen, small businesses, and SMEs. In May 2020, Banca Valsabbina acquired 26% of Integrae sim, while Arkios took over 51%.
The Brescia-based bank has been very active in fintech shopping this year. Last July, it bought about 8.3%of Business Innovation Lab, a company referred to by Borsa del Credito, an Italian fintech platform that provides financing to SMEs, participated by P101 sgr, Azimut, and GC Holding.
Last June, Banca Valsabbina agreed to acquire 17.5% of the Veneto-based fintech Credit Service spa, owner of the invoice trading platform MyCreditService.com. The acquisition also involves Siav spa, a technology company from Padua, a leader in software for the electronic management of documents and digital processes, which will also acquire some minority shares and complete the capital increase of Credit Service, reaching 13.1%. In addition, last May Valsabbina Bank signed an investment agreement with Milan-based fintech Cardo AI aimed at acquiring, through a dedicated capital increase, 9.8% of the company. The latter had already been a partner of the bank for some time in the digitalization of the monitoring and reporting processes of securitization transactions, which are a strategic asset for the bank.
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