Credimi: Four Asset Management Funds Renovate and Increase the Commitment up to €72.5 million

The agreement provides up to €300 millions of invoice financing flows.

Barely a year after the launch, Credimi – the digital financing platform for SMEs that makes liquid the working capital in short time at low costs –has renewed the agreement with the four primary investment funds. They committed up to 72,5M€ to purchase the entire portfolio of commercial credits originated by the fintech platform.

Credimi is a fintech company officially authorized by the Bank of Italy to the public financing activity according to the dispositions contained in the new art.106 of the Banking Consolidated Law. The company will be able to provide funding to SMEs up to €300 million in the next months .

The four partners previously involved, Anima Sgr, Anthilia Capital Partner Sgr, BG Fund Management Luxembourg S.A. and Tikehau Capital, have decided to renew the agreement. Credimi is therefore reinforcing the attractiveness of its notes, which are the among the most profitable and diversified asset class among investments with a comparable risk profile.  In fact, the notes combine an average life of the underlying invoices of less than 3 months with a spread around 450 base points and credit losses of 0.3%.  Credimi finances hundreds of SMEs with average ticket of 20,000€, creating a low risk, diversified portfolio.

Ignazio Rocco di Torrepadula, founder and CEO of Credimi: “The renewed commitment by all the noteholders,  confirms the strength of Credimi’s asset class. Returns for investors have been fully in line with expectations and losses has been even lower than estimates. On top of offering an excellent risk/return ratio to investors, the notes are PIR compliant and – aiming at a potential €400Bln financing market – they could represent an extremely relevant partner for PIR collected so far”.

The portfolio subscribed by the four noteholders is untranched and pays a quarterly  coupon. Additionally, Credimi continues to keep a stake of around 5% (as fifth noteholder alongside with the other four) to have ‘skin in the game’. This is not requested by law as the note is untranched and is ensured by Credimi to the noteholders on a voluntary basis.

Since launch on the market, Credimi has achieved outstanding results, exceeding initial expectations: €40million of loans have been delivered to Italian SMEs and more than 2.000 invoices have been financed. The same strong  results have been obtained with the Supply Chain financing: by signing deals with corporations – such as Ariston Thermo, Jab group (Jimmy Choo and Bally), Pittarosso and few others – Credimi helps large enterprises to finance their suppliers at competitive prices and with an unmatched flexibility.

Ignazio Rocco di Torrepadula, founder and CEO of Credimi: “In our first months we have clearly understood how important is for the Italian enterprises to diversify financing sources and – despite platitudes – how determined they are to experiment and adopt digital solutions. Credimi is a viable alternative to traditional Banks in order to manage trade  credits and better manage cash flows. Our unique model allows us to provide SMEs with financings in a very short time, granting them resources to develop and concretely supporting Italian economy”.