A major Joint Venture with a clear Fintech feel

September 30, 2020

Corrado Passera's editorial

CEO illimity

A few days ago, at Fintech District, with Pietro Sella, Antonio Valitutti, Carlo Panella and Paolo Zaccardi, we announced a key operation for Openbanking in Italy: a joint venture between illimity and Fabrick in HYPE.

This highly innovative step marks a leap forward in the transformation of financial services, bringing together two powerful players: the illimity group and the Sella group.

It marks the first joining together of business forces in Italian open banking, which is in turn driving the development of digital financial services with the power to accelerate growth and create sustainable competitive advantages.

We have embarked on this joint venture to leverage the new opportunities offered by the digital financial services market. And it is an enormously interesting market, with a rapidly growing segment of customers - already over 2.5 million in Italy alone - that chooses to use fintech services. At the same time, this market is a natural complement for digital banking, which is the market that illimitybank.com has dived into so successfully.

The 'new' Hype has major goals for the future, targeting 3 million customers and 20 million in profit in only a few years, to become the clear domestic leader on the back of a solid, sustainable business model built on:

A competitive range of products and services: from payments to deposits, with solutions that exploit PSD2 to provide a single platform for all customer accounts, personal financial management services, insurance and loans, obviously through third parties.
Cutting-edge technology that already exists, to provide a high-quality user experience.
Economies of scale and strong positioning in the Italian market - a well-established market that is well known but also undergoing extensive transformation. The large client base not only offers opportunities for economies of scale, but also provides an attractive option for other business partnerships, especially ones beyond financial services.
A managerial team brimming with people that have the natural entrepreneurial spirit that characterises illimiters and hipers

This joint venture is truly about looking beyond, yet again.