Italian fintech company Banca AideXa, a digital lender focusing on micro and small businesses, has recently raised €16 million in new capital. This latest funding round increases the total capital raised by the company to €96 million and introduces Italy’s largest business association, ConfCommercio, as a new investor.
Banca AideXa plans to use this new financing to meet its goals for the upcoming year, which include reaching a break-even point, achieving a credit stock of €700 million, and generating €30 million in revenue.
Founded in 2020 and based in Milan, Banca AideXa leverages artificial intelligence (AI) and open banking technologies to provide credit and foster growth among micro and small businesses.
This capital increase comes four years after the company secured what was then the largest financing for an Italian fintech startup, amounting to €48 million. Despite facing a challenging credit environment, which the company refers to as the “credit crunch,” Banca AideXa has reported a 25% increase in its disbursements in the first quarter of 2024.
Giovanni Da Pozzo, Vice President of ConfCommercio Imprese for Italy, commented on the investment, stating that the association is eager to develop a strategic relationship with Banca AideXa. The collaboration aims to introduce new tools that will improve access to credit for Italy’s micro and small businesses.
Source: fintechfutures.com
