Established Italian FinTech, illimity Bank, which focuses on providing innovative and sustainable solutions to small and medium-sized businesses (SMEs), is celebrating a substantial financial boost.
The European Investment Fund (EIF), a part of the EIB Group, has furnished the bank with two guarantees totalling €50m, in a bid to augment finance availability for SMEs in Italy. These guarantees are backed by InvestEU, the long-term funding programme of the European Union.
Primarily, illimity Bank is a revolutionary FinTech that aims to provide seamless financial services to SMEs, with a particular emphasis on sustainability, innovation, and digitalisation. It dedicates its resources to enhancing SMEs’ access to necessary funding and supporting their journey towards the uptake of digital technologies. In addition, it champions environmentally friendly, green, and inclusive investments.
The fresh capital will serve to further bolster illimity Bank’s capacity to aid businesses’ digital and green transition. Half of the funding will be deployed towards the InvestEU Innovation and Digitalisation guarantee, thereby enabling illimity Bank to extend its support for innovation and digitalisation-driven enterprises. The other half will go towards the InvestEU Sustainability guarantee to expedite the green and sustainable transition of the economy.
With the infusion of this new investment, SMEs in Italy can look forward to enhanced opportunities to secure financing, expand their operations, invest in innovation, and create new jobs. This funding follows illimity Bank’s ongoing collaboration with EIF, which began in December 2021, highlighting the commitment of both parties to stimulate economic growth in Italy.
EIF Chair Gelsomina Vigliotti said: “We are pleased to partner with illimity Bank in providing substantial support to Italian small and medium businesses. Through this collaboration, we aim to address the financing challenges faced by smaller businesses and stimulate their growth. The EIF €50m investment guarantees, backed by InvestEU, will significantly contribute to enhancing access to credit and fostering economic development in Italy.”
European Commissioner for Economy Paolo Gentiloni added: “These two guarantees are part of the InvestEU programme, which aims to encourage sustainable, digital, innovative and inclusive investments across Europe. InvestEU is playing an important role in helping small and medium-sized companies gain access to the finance they need to grow and create jobs. Thanks to this agreement, an increasing number of Italian small and medium businesses will be able to secure crucial financing to do so and drive the green and digital transitions.”
CEO and Founder of illimity Corrado Passera stated: “illimity was born out of a commitment to support and bolster the entrepreneurial landscape in Italy. Our dedication to small and medium businesses is underscored by this agreement, which facilitates not only the provision of fresh liquidity during a challenging period, but also supports the funding of research, sustainable and inclusive projects, and the digitalisation of businesses.
“By partnering with the EIF, we can further empower companies with high-growth potential to boost their own growth and contribute to a positive transformation at an economic, social and environmental level across the country.”
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