The European Investment Fund supported the equity investment.
Factoring platform Credimi has raised €10m in a round led by two venture funds, United Ventures SGR and Vertis SGR. Some existing backers, which took part in the firm’s €8.5m raise in late 2015, also participated.
The money will be used to build the platform's client base and product offering, as well as for new hires. It will also lay the groundwork for Credimi to expand into new European markets, having until now been focused on Italy.
Credimi claims to have lent over €200m to around 3,500 companies since launching less than two years ago. It is the largest invoice finance firm in continental Europe, according to AltFi Data’s records.
The firm is authorised by the Bank of Italy as a financial intermediary.
United Ventures’ investment in Credimi was supported by the European Investment Fund, through InnovFin Equity, with the support of European Union (EU) programmes Horizon 2020 and the European Fund for Strategic Investments (EFSI).
AltFi recently reported that the European Investment Fund participated in property lending platform LendInvest’s £30.5m fundraise, acting as an advisor to the Luxembourg Future Fund (LFF). The supranational fund seems to be doubling down on this strategy.
Paolo Gesess, co-founder and managing partner of the United Ventures, said in a statement: “Our goal at United Ventures II, our second fund launched in December 2017, is to invest in companies that use technology to innovate and transform important sectors of our economy like business lending. With Credimi we have found a team that stands out for its entrepreneurial ability and for its expertise, with the target of creating a leading player in the digital factoring field capable of succeeding in Italy and elsewhere in Europe.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.