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Fintech lender strikes partnership with major Italian bank




By Ryan Weeks on 11th July 2017


iwoca will provide credit products to Intesa Sanpaolo’s SME customers.

 

iwoca has announced a strategic partnership with Italy’s Intesa Sanpaolo. The fintech lending platform will now sell its credit products into the Italian banking group’s SME client-base.

 

Intesa Sanpaolo is one of the biggest banking groups in Europe, with a market capitalisation of €42.7bn. The company boasts over 11.1 million customers in Italy alone, but is also active across Central Europe, Eastern Europe, the Middle East and North Africa.

 

The bank’s fintech venture capital arm, Neva Finventures, has made an investment in iwoca in tandem to the new partnership. Details of the investment were not disclosed. 

 

"Investing in iwoca is of strategic importance to us in that it strengthens the Intesa Sanpaolo Group's position in the area of new business models, and specifically in highly innovative digital financial services,” said Maurizio Montagnese, chief innovation officer at the Intesa Sanpaolo Group. “The industrial synergies between iwoca and Intesa Sanpaolo could be significant in the coming years and allow the Intesa Sanpaolo Group to enter segments of the market not served by other banks."

 

iwoca is a fintech lender which writes loans off its own balance sheet. The company is active in the UK, Poland, Spain and Germany, and has lent over £200m across 28,000 transactions since launching in 2012. During that time, iwoca has been prolific in forging partnerships with major banks and technology firms. The firm is a participant in NatWest’s Capital Connections programme in the UK, and is also partnered with e-commerce and payments giants like Alibaba and PayU.

 

“Partnering with Neva Finventures and Intesa Sanpaolo is an exciting opportunity to leverage our SME lending technology platform across new credit products and regions while working with one of the most forward-thinking and expansive banking groups in Europe,” said co-founder and CEO of iwoca Christoph Rieche (pictured). 

 

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