Former UniCredit execs launch Aidexa to service Italian SMEs
Italian challenger Aidexa is looking to support what is sees as underserved entrepreneurs and small businesses.
Based in Milan, the bank has launched with ambitions to win over some of the seven million companies that make up more than half of Italy’s GDP.
The firm holds a licence from the Bank of Italy for loans and investment services. It hopes to acquire a full-fledged banking licence in 2021.
Aidex raised €45 million in seed financing last week. Its investors include Generali group and Banca Sella.
“Our mission is to facilitate the work of entrepreneurs, building together simple, fast, transparent and safe financial experiences,” the challenger writes.
“The goal is to make life easier for those who do business, taking advantage of new technologies and the opportunities offered by open banking.”
European Central Bank (ECB) data shows Italian businesses experiencing the largest deterioration in business in Europe during the COVID-19 pandemic.
Prior to the pandemic, Italy reported the highest levels of small companies in financial distress, at 12%.
Despite this, small businesses account for 67% of Italy non-financial economy. They also generate 78.1% of the country’s jobs.
Aidexa’s founding team is chairman Roberto Nicastro, and CEO Federico Sforza.
Both men spent significant amount of time at UniCredit before leaving in 2015. Nicastro’s last role at the lender was as deputy CEO, and Sforza left as CRO and senior vice president.