Invoice financing start-up Credimi lends over EUR80 mn in first year

Jennifer Clark from Credimi
12 Mar 2018

Invoice financing start-up Credimi lends over 80 mn euros in first year

MILAN, March 12 -- Credimi, the Italian invoice financing FinTech start-up, has just ended its first year with record results: 80 million euros in financing for over 5,000 invoices.

This performance made Credimi the fastest-growing digital financing platform for enterprises not just in Italy but in all of Europe, including the UK.

Credimi continued to show impressive growth in January, with 10.8 million euros in new loans and 28.1 million in the last 90 days.

“Credimi’s results and the remarkable growth of invoice financing in Italy – even compared to countries that are far more digitalized than Italy – shows that enterprises are paying more and more attention to innovative solutions and alternatives to traditional banking channels,” said CEO and Founder Ignazio Rocco di Torrepadula. “In its first three years this market grew almost three times as quickly as the UK, which is by far Europe’s largest market with 1 billion pounds lent in 2017. This shows that enterprises have a real need to diversify their funding sources. We are very pleased with our first-year results, but for us this is just a start. We are working each and every day and to improve our offer, we just updated our website to make it more user friendly.”
Here are two reasons why Italy is a booming market for FinTech companies: - Italian entrepreneurs have to wait on average of 85 days to receive payment for an invoice. Only Greece (88) and China (89) have longer waiting periods. This delay means that Italian companies have an estimated 500 billion euros tied up in illiquid capital, weighing on balance sheets and putting a brake on innovation and growth. - A “bank-centric” economy and the slow development of alternative finance channels has created pent-up demand. For example, the venture capital market in Italy has hovered for the past 15 years at 150-200 million euros annually, a fraction of the 5 billion euros for Europe, of which Great Britain raises 2 billion alone, France, and Germany between 400 million and 1 billion.

Sources: AIFI, Private Equity Monitor, Milan Polytechnic Observatory About Credimi Credimi is a digital direct lending platform that enables companies to improve their working capital position almost immediately and at a low cost: invoices made out to Italian companies can be filed online and paid within 48 hours. Credimi, which operates with Bank of Italy authorization, securitizes its clients’ non-delinquent receivables and sells them on to its partner institutional investors. Credimi’s ability to make risk evaluation with its proprietary technology, and to lend from its own balance sheet, means that it can approve loans to companies almost in real time. Credimi started operations in September 2016 and is backed by prominent Italian investors including Alessandro Benetton, Paolo Merloni, Lorenzo Pellicioli, Nerio Alessandri, and Giovanni Landi. For more information, see www.crediti.com

Press office: International: Jennifer Clark 39 335 108 3234 press@credimi.com Italy: iCorporate, Eleonora Meneghelli 39 331 6780063, eleonora.meneghelli@icorporate.it iCorporate, Rita Arcuri 39 333 260 8159 rita.arcuri@icorporate.it Website: www.credimi.com You Tube: https://www.youtube.com/watch?v=EpGEnh6e5ko

For more information, please contact:
Jennifer Clark
Credimi
press.credimi@gmail.com
+393351083234
Via Turati 29
20121 Milan
Italy

Category: Lending (B2B OR B2C)
Back To All Press Releases

Powered by

EBICS::BOX
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.

Railslove
Railslove - Ruby on Rails, JavaScript, and HTML5 web development. We're a team developing products for the web. Web apps are more than our daily business. We closely accompany our clients throughout the process of turning an initial idea into a product ready to launch - and beyond.

Subscribe to FinTechWeekly

* indicates required
How did you hear about FinTech Weekly & FinTech Press Releases?
Please tell us your age:
Do you work in the fields of banking, finance, etc