The interaction between fintech companies and banks is becoming more and more intense and concrete. Valsabbina Bank has signed an agreement aimed at acquiring a stake of approximately 8.3% in Business Innovation Lab, the company to which the fintech platform BorsadelCredito.it refers.
The transaction is subject to the occurrence of certain conditions precedent: in a first phase, shares will be purchased on the secondary market. In addition, Valsabbina will be assigned convertible warrants, for a maximum total participation of 9.9%, whose conversion will, however, be subject to the achievement of commercial objectives.
BorsadelCredito.it launched in 2015 is the first Italian peer-to-peer lending operator for SMEs, and is managed by a corporate group, whose holding company is Business Innovation Lab Spa.
Valsabbina Bank is a Joint-Stock Cooperative Company, founded in 1898 and is the main Popular Bank of Brescia that, for over one hundred and twenty years, has supported the growth and economic development of the territory. It operates through a network of 70 branches and is particularly active in innovative finance operations.
Read more on the subject and find the latest financial news in the world with the Born2Invest mobile app.
The collaboration between Valsabbina and Borsadelcredito.it has already been active for some years
As a matter of fact, two important securitization operations of loans have been structured – disbursed through the platform and guaranteed by the Central Guarantee Fund – for a total of Euro 300 mln, intended to support Italian companies in the context of the pandemic crisis.
“BorsadelCredito.it has been a partner of ours for a number of years and, like our Bank, it too is aimed at Italian SMEs. In recent months we have explored the possibility of further strengthening the relationship and we have now reached an important strategic agreement – underlines Hermes Bianchetti, Head of Business Division of Banca Valsabbina. – Our Bank must continue to support companies, particularly in the current complicated context, but at the same time we want to continue to improve the efficiency and modernization of the business. The agreement reached therefore allows us to further refine the Bank’s outlined “Fintech Strategy”, diversifying investments, taking advantage of advances in technological innovation, and following the evolution of the market.”
“With this agreement, BorsadelCredito.it’s collaboration with Banca Valsabbina continues and consolidates, a collaboration that has brought numerous resources to businesses in the past thanks to the fast and innovative channel of fintech – comments Ivan Pellegrini, CEO of BorsadelCredito.it. – We are pleased to have a partner like Banca Valsabbina at our side in this operation, as we believe that cooperation is the best way to bring real innovation to the world of finance and bring it closer to the needs of the real economy. For us, this operation is part of a path of evolution: we are no longer just lenders to the real economy, but technological enablers for traditional finance.”
Valsabbina Bank was assisted for the legal profiles of the operation by Studio ALMA in the person of partners Marco Zechini and Luca Benvenuto, as well as associate Sergio Visalli, and BorsadelCredito.it in the person of Roberto Nigro (partner).
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.
Allianz Morocco Enters the Capital of EMOB
Allianz Morocco has become a 33% shareholder in EMOB's capital. The company is positioned on the electric and eco-responsible mobility...
70% of Consumers Want More AR Advertising: Will You Give it to Them?
A recent survey by Ericsson’s mobile ads division, Emodo, has revealed that a majority of consumers now prefer AR advertising...
StartupGym Studio’s Crowdfunding Campaign in Overfunding after 24h
StartupGym Studio, created by Enrico Pandian, has launched an equity crowdfunding campaign on CrowdFundMe to complement a $1.76 million (€1.5...
Payment Giant Nets Increases Stake in POS Fintech Company Orderbird
Nets had already held around 20% of Orderbird - a stake that the Eschborn-based payment service provider Concardis had taken...
City Leaders Announce Major Public Safety Initiatives for 2022
New public safety projects to be provided with federal funding. City leaders at Desert Hot Springs voted recently to issue...