5 Italian FinTech companies transforming the financial sector

By Megha Bhattacharya

Italian FinTech ecosystem has been expanding. In 2011 there were 11, reaching 199 in 2015, in 2020 there are now 345, many of which are based in Lombardy (169). The Italian FinTech ecosystem is rapidly growing and it is attracting increasing investments. SMEs, the backbone of the Italian economy, aim to be better served by banks by leveraging FinTech solutions.

Check out these 5 emerging Italian FinTechs –

1. Objectway

Founded in 1990, Objectway is an Italian provider of wealth and investment management software platforms for the financial services industry. They provide omnichannel and omni-device solutions for the wealth and investment management business.

Objectway today announced that it has implemented its client management system at UK wealth manager Brewin Dolphin. Objectway’s Client Lifecycle Management and Onboarding solution aims to provide an enhanced client experience and client relationships through integrated digital capabilities. The solution is designed to manage the entire client life cycle, from prospecting through onboarding to ongoing service delivery like suitability reviews and other periodic and ad-hoc events.

From offices in Italy, UK, Benelux and Ireland, Objectway’s 750 employees support more than 100,000 investment professionals in 15 countries and 4 continents, who manage around one trillion euros in assets.

2. Satispay

Satispay is a “bank account enabled” mobile payment platform that is independent of debit and credit card networks. The consumer app is available for anybody with a bank account, while merchants both online and offline can accept payments using any device and POS.

FinTech Satispay has announced a €93 million Series C funding round co-led by American FinTech Square Inc, Tencent, LGT Lightstone and TIM Ventures. The funding round consisted of €68 million of newly issued primary shares and approximately €25 million secondary shares purchased from existing investors. The company has now reached a total of €110 million in primary capital raised since its inception in 2013.

According to Satispay, the round is expected to help it in accelerating international expansion as well as strengthen its position in Italy. The FinTech has reached over 1.3 million consumers and 130 thousand merchants in Italy.

3. Matipay

MatiPay is a mobile payment and telemetry system that offers a frictionless user experience providing an immediate connection between the vending machine and the smartphone app connected with a virtual wallet rechargeable via cash dispenser, Credit Card or PayPal.

The Intesa Sanpaolo Group has announced an investment of €7 million in the share capital of FinTech start-up MatiPay in a bid to gain access to a new payment system that utilizes the vending machine network. It also aims to facilitate the integration of digital payment services that can be used through smartphones.

The Italy-based FinTech MatiPay, founded by Matteo Pertosa, as the supplier states, has developed a new payment system for purchasing services and products online with cash through the network of banknote readers and coin acceptors. The FinTech aims to utilize the funds in accelerating its geographical expansion across Europe, Japan and the USA and enhance its product offering. It is also expected to support the Group in expanding its range of asset management services.

4. FinecoBank

FinecoBank offers single account banking, credit, trading and investment services through its transactional and advisory platform developed with proprietary technologies, combined with financial advisory networks in Italy.

It enables traders with the full power of a trading room with no hidden costs or minimum deposit. The workstation allows real-time prices, advanced charts and professional features to buy and sell securities, currencies and futures across the world’s largest markets.

FinecoBank recently announced the expansion of its investment offerings with a suite of funds from J.P. Morgan Asset Management, thus enabling the Bank’s clients to access a variety of investment strategies. The announcement follows partnerships over the last few months, including with Capital Group, Fidelity Investments, Aberdeen Investments, M&G Investments, Alegbris and Columbia Threadneedle Investments.

5. Auriga

Auriga is a supplier of software and technological solutions for the banking and payments industries and provides omnichannel solutions to banks and other financial institutions. It has a presence in Eastern and Western Europe.

Auriga’s module utilizes algorithms for optimizing cash flow in each of the bank’s branches, cash points, and vaults. The software uses time series analysis and advanced machine learning algorithms to enable banks to exploit data on transactions and flow movements to forecast cash withdrawal and deposit trends, patterns within branches and vaults, as well as recycling trends.

Recently, Auriga launched an advanced remote banking solution WWS Bank4Me as a part of its ‘NextGenBranch’ offer. The company has stated that the new solution will allow customers to access all the services of the bank in self-service mode and interact with the bank’s consultants via video assistance.

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