BUSINESS STATISTICS IN ITALY

• As of 2018, Italy had 3,749,330 business enterprises.

• 64.5% of all businesses in Italy comprise self-employed workers.

•  95.1% of all businesses in Italy have less than 10 employees.

•  99.8% of businesses in Italy are SMEs with less than 250 employees.

• The annual revenue of 99% of all businesses in Italy is less than €50m.

OTHER RELEVANT STATISTICS

• There are 3,565,046 micro business enterprises in Italy with less than 10 employees.

• A total of 3,746,109 SMEs in Italy has less than 250 employees.

MAJOR CO-WORKING SPACE PROVIDERS IN ITALY

• Spaces operates three locations in Milan and Rome (link to website).
• inCOWORK operates four locations in areas within Milan such as Montegani, Salvio Giuliano, Giuseppe Verdi, and Torino (link to website).
• WeWork operates five locations in Milan only (link to website).
• Copernico operates seven locations in Milan, Turin, and other cities (link to website).
• Impact Hub operates seven locations in Bari, Florence, Milan, Reggio Emilia, Rome, Torino, and Trento (link to website).
• Talent Garden operates 14 locations in Milan, Rome, and other cities (link to website).
• Regus operates 57 locations in Rome, Naples, and other cites (link to website).
• Cowo operates 117 locations in Lombardy, Piedmont, and other regions (link to website).

RESEARCH STRATEGY

DOCUMENTS AND REGISTRATIONS

• The registration process, while not overly challenging, has a number of steps and fees. Several government bodies require the filing of certain documents.
• The process itself is not challenging, however preparing the relevant documents do contain certain nuances specific to Italy. Given this, it is recommended that prospective company owners seek advice on the preparation of the documents, to ensure they met the legal requirements.
• There are a number of consultancy and legal firms that specialize in this area. Comprehensive advice can usually be obtained relatively quickly and for a reasonable price.
• The Italian Government requires Public Deeds of Incorporation and copies of the Company bylaws be executed in front of a Notary Public. The company must then be registered, and the relevant fee of EUR260 paid.
• This is a relatively quick process and takes 1 business day, in most instances. It is the Notary that files the registration, not the company owner.
• The company needs to purchase official accounting books and register them. There is a EUR15 stamp duty per 100 pages and a EUR30 fee to register every 500 pages.
• This can be completed within 1 business day and is relatively straightforward.
• The company also needs to be registered at the local Chamber of Commerce in the Register of Enterprises. The process is not difficult. It can take between 5 to 10 business days.
• If the company is to take on employees, it must be registered at the Istituto Nazionale Di Previdenza Sociale. This must be done within 5 days of hiring employees.
• The process is not complex, and registration is usually completed within 1 business day.
• The final step in setting up a company in Italy is ensuring the company will meet its tax obligations. The company, therefore, needs to obtain a fiscal code and VAT number.
• Once these have been obtained the trading activity of the company needs to be registered with the Italian Tax Service.

BANK ACCOUNTS

• The Italian Banking System is considered antiquated compared to other European Countries.
• The process of setting up a new bank account can be time-consuming if all the relevant documents are not readily available.
• Business bank accounts can not be set up online. Almost all the banks require an in bank interview before agreeing to open a corporate bank account. 
• To set up a new business bank account, the following documents are required: passport or government identification, proof of address, tax identification code, certificate of incorporation, and certificate of good standing for any shareholder owning more than 20% of the company share capital.
• The process can be time-consuming. New companies should allow for up to 4 weeks for completion.
• If internet banking services are required, this will likely take additional time.
• The Italian banking system is unique, and for this reason, it is recommended new companies engage professional help to assist with the process and minimize any delays.
• It is difficult for new companies to secure business lending in Italy because of lending rates of approximately 4.2% annually and a low approval rate (approximately 25%).

ONLINE TOOLS AND RESOURCES

• There is a range of online tools that are available when starting up a business in Italy.
• There are not as many government institutions or resources available as is seen in some other European countries.
• While the government is supportive of local companies, there is a huge emphasis on foreign investors, and resources are often orientated toward these new companies.
• The Italian government has implemented an "Italia Startup Visa" program, to encourage entrepreneurs from all over the world, to invest in the country.
• Most of the information and resources available to new companies' comes from consultancy, legal, and accounting firms. There is usually a fee to access this information.

LEGAL REQUIREMENTS

• The most popular company type in Italy for a company of around 30 employees is a limited liability company.
• A limited liability company can be set up with 1 or more shareholders. The company will also require at least 1 director.
• The director does not need to be an EU citizen or resident.
• Any entity in Italy is required to submit an annual tax return to the Italy Revenue Agency. As long as the company meets 2 of 3 criteria, it will not be subject to a financial audit.
• The criteria include turnover of less than 8.8 million, assets of less than 4.4 million or fewer than 50 employees.
• It is a requirement that 25% of a new companies' startup capital is deposited in the company bank account.
•  EUR10,000 is required as startup capital for new companies in Italy.
• In most instances, a new company will need an accountant to manage their books.
• One of the more complex areas when setting up a company in Italy is around Employment Law.
• Employment Law is rigid in Italy. It is only recently that companies have been able to downsize if they are experiencing financial difficulties.
• All new companies need to be fully aware of their Employment Law obligations.
• If an employee chooses to litigate after being laid off, the company is required to pay the employee salary until the issues are resolved.
• Getting rid of employees who under perform is an extremely complex process and in some instances can take between 3 to 5 years. Given this, new companies must obtain comprehensive advice before hiring employees.

FUNDING OR INCENTIVES

• The Italian government recognizes the importance of investment in Italy. There are a wide range of tax incentives to encourage the establishment of businesses in certain areas.
• These areas include tourism, agriculture, manufacturing, and foodstuffs.
• The EU offers a range of grants to new companies that are working on projects or in areas of business that specifically relate to EU Policies. These are available to new companies in Italy.
• An application for these grants can be made through the EU Authority based in Italy.

CULTURE AND ENVIRONMENT

• Italy is placed strategically in the center of Europe. This means it is a good location for companies considering expansion throughout Europe.
• The Italian market offers access to a larger European market of over 500 million consumers.
• Some strengths of the Italian workforce include gift design and mechanical goods.
• The Italian government is extremely supportive of foreign investment in Italy.
• Recently government intervention in Italian companies has decreased. This has been accompanied by an increased push towards privatizing a range of State-Owned Enterprises.
• The increased privatization has opened up a range of new opportunities for entrepreneurs looking to set up companies in Italy.
• Due to the location and easy access to the Mediterranean, Italy is particularly supportive of companies operating in the export/import industries.
• The business startup costs can vary depending on the type of company that is established. Overall it is cost-efficient to set up a new company in Italy.
• The Italian culture is very respectful toward social hierarchy. This includes business hierarchy.
• Italians expect to see a suitable hierarchy in any organization they work for.

RESEARCH STRATEGY

ITALY'S CONDUCIVENESS FOR FINTECH COMPANIES

• There are several signs indicating that Italy is becoming more conducive for fintech startups and investors. For example, the Fintech and Insurtech Observatory of Milan Polytechnic observes that, in the country, not only are startups and players increasingly collaborating, but businesses are increasingly innovating as well.
•  ItaliaFintech was recently established to serve as the first trade association of the country's fintech sector. Nineteen companies were behind the creation of ItaliaFintech, and they were BorsadelCredito.it, Conio, Credimi, Epic, Fifty, Housers, Lendix, Modefinance, MoneyFarm, N26, Oval Money, Let's Lose, Raisin, Satispay, Soisy, Soldo, Virtualb, Workinvoice, and Younited Credit. Together, these companies serve more than 920,000 customers, 425,000 of which reside in Italy. The total amount these companies manage, in terms of savings, loans, or payments, is around €450 million.
•  ItaliaFintech aims to facilitate the access of consumers and businesses to fintech services, serve as a point of contact for fintech sectors players, improve people's understanding of fintech, and improve collaboration among players in the ecosystem.
• Italy's first fintech district, MiIan Fintech District, was opened in late 2017 by the City of Milan and the Italian Ministry of Economy and Finance to promote the growth and development of the fintech sector. The district offers co-working facilities and office space for interested businesses.
• FinTechStage and Fintech District held the first ever Italian Fintech festival in May 2018, with the festival bringing together more than 1,200 people from different parts of the country's fintech ecosystem. Investors, startups, insurance companies, banks, regulators, technology partners, and universities participated in the event. The primary goal of the festival was to increase people's awareness of fintech.
• A legislative amendment mandating Italian financial and insurance authorities to set up a regulatory sandbox where the regulatory and legal aspects of financial innovations can be tested was recently enacted.

ITALY'S STANDING IN THE GLOBAL FINTECH ECOSYSTEM

• As can be seen in the 2018 Global FinTech Hub Report, the fintech hub in Milan is recognized as one of the ten emerging fintech hubs in Europe. Successful fintech startups that were founded in Milan include Satispay, Growish, Credimi, and Workinvoice.
• Milan, however, is not among the 30 largest fintech hubs in the world. According to a report on the fintech landscape in Milan, the city does not aspire to be "a top destination for financial institutions leaving London." Instead, it hopes to play an important role in the European fintech market.
• Italy has eight fintech and insurtech startups founded after 2013 that have received a minimum of $1 million in funding in the past two years. Together, these startups were able to receive a total of $44 billion in funding in the same period.
•  Nearly 150 fintech companies are headquartered in Italy. The country's largest fin-tech sub-sectors, in decreasing order, are crowdfunding, payment services, asset management, blockchcain, virtual currencies, insurance, and peer-to-peer (P2P) lending.
• Italy is the fourth most represented country, by value, on the list of Europe's 50 most valued fintech startups.

ITALY'S RECEPTION OF FINTECH

• The growing number of people in Italy who have used at least one fintech or insurtech service points to the positive reception of fintech in the country. Milan Polytechnic's Fintech and Insurtech Observatory, in partnership with Nielsen Italia, recently reported that the yearly number has increased by 54% to reach 11 million users. Around 25% of Italians aged 18-74 have tried a fintech or insurtech service.
• Consumers in Italy primarily use fintech applications for mobile payment (16%), budget management (15%), and instant person-to-person money transfers (12%).
• A significant fraction of small and medium-sized enterprises (SMEs) also use fintech applications. For example, to communicate or transact with financial institutions, 55% of SMEs in the country use apps, while 92% use personal computers.
• SMEs' awareness of minibonds, P2P lending, crowdfunding, and supply chain finance appears inadequate, however. Only 33%, 24%, 20%, and 12% of SMEs in the country are aware of minibonds, P2P lending, crowdfunding, and supply chain finance, respectively.
•  Fifty-one percent of Italy's digitally active population adopts or uses fintech.

1. PRIMA.IT

• Prima.it is an online auto insurance agency through which users can buy cars, motorbikes, and van insurance.
• The platform also allows users to convert insurance premiums into monthly premiums.
• Users can edit personal data and manage active policies on the platform. It also offers on-demand assistance in case of accidents.
• Blackstone Tactical Opportunities and Goldman Sachs Private Capital Investing are the lead investors.
•  Funding Received: $110,697,000 (€100 million)
•  Funding Date: October 15, 2018
• The link to the website is here.

2. MONEY FARM

• MoneyFarm provides investment advisory to small savers through scalable, UX driven platform.
• It recommends users a portfolio of investments (low-cost ETFs) based on their profile and goals.
• Users can execute trade either through Moneyfarm's platform or a broker of their choice.
• MoneyFarm is authorized by Consob and Bank of Italy to operate as an interdealer broker and provide advisory and execution.
•  Funding Received: $50,910,454 (€46M) Series B
•  Funding Date: May 29, 2018
• The link to the website is here.

3. SATISPAY

• Satispay is a payment network that offers a smartphone application that can be used for peer to peer money transfer, in-store and online purchases and non-profit donations through a cross-platform mobile app.
• Users can also set their weekly budgets and spend accordingly and can download the app, register with their mobile number, and link their bank account.
•  Funding Received: $16,599,750 (€15 million) Series B
•  Funding Date: July 18, 2018
• The link to the website is here.

4. CREDIMI

• Credmi is an invoice financing solution for SMEs which allows merchants to anticipate the bills of business and receive financing through the sale of credit.
• The service can be used by SMEs that sells products or services by invoice with a turnover of more than € 500K, their customers are companies based in Italy and not belonging to the Public Administration, the merchant has unpaid bills for amounts between €1K and €500K.
• Credimi provides digital factoring solutions for companies in various sectors. It serves customers in Italy and Europe.
•   Funding Received: $11,066,550 (€10 million) by United Ventures, Vertis SGR S.p.A.
•  Funding Date: November 13, 2018
• The link to the website is here.

5. GEORGES

• Georges provides a robot to automate accounting for businesses.
• It automates bank reconciliation, VAT returns, and statements and allows users to scan bills, receipts and provides expense management solution.
• Georges.tech offers an end-to-end and advanced AI-powered accounting software. Georges is an accounting robot that aims to automate the accounting of freelancers and professionals.
•  Funding Received: $11,066,550 (€10 million) Series A by UAlven Capital
•  Funding Date: June 4, 2019
• The link to the website is here.

6. YOLO INSURANCE

• YOLO is an insurance broker who distributes on digital channels produced by the major international insurance groups, created and distributed in innovative mode.
• Yolo offers temporary goods insurance, people insurance, health insurance, and travel insurance policies on-demand.
• It offers smartphone insurance, tablet insurance, laptop insurance, sports equipment insurance, holiday rental insurance, dental insurance, alternative medicine insurance, national/international insurance, school trip insurance, etc. Users can select the scope of insurance product and activate or deactivate insurance policy anytime.
•  Funding Received: $5,533,695 (€5 million) series A by Barcamper Ventures, Neva Finventures
•  Funding Date: February 4, 2019
• The link to the website is here.

7. CASAVO

• Casavo acts as a tech-enabled market maker within the residential Real Estate market. It offers hassle-free and quick transactions by acquiring properties directly and therefore cutting the sale time.
• Casavo provides online, real-time evaluations and purchase offers in 24 hours to sellers, allowing them to sell within 30 days, after a maximum of 2 home visits.
• Casavo works both with RE agencies and private sellers. It was founded in 2017 and is based in Milan, Italy.
•  Funding Received: $7,748,891 (€7 million) by project A
•  Funding Date: February 22, 2019
• The link to the website is here.

8. MDOTM

• At MDOTM, they develop AI-driven investment strategies for the financial markets and they work closely with their clients — Banks, Family Offices, Wealth and Asset Management companies — providing them with their systematic models that support them in their investment decision process.
• Their artificial intelligence algorithms analyze different asset classes with specific models for single-stock equity investing and multi-asset class allocation.
•  Funding Received: $2,214,356 (€2 million)
•  Funding Date: November 23, 2018
• The link to the website is here.

9. OVAL MONEY ITALY

• Italy is one among the lower ranked countries in Europe when it comes to financial literacy. Oval Money’s goal is to change this by helping people become wiser when it comes to financing. The app offers income and spends monitoring tools as well as step-by-step guides for using/saving/investing money.
•  Funding Received: $4,427,490 (€4 million) Series A
•  Funding Date: October 1, 2018
• The link to the website is here.

10. AXIEME

• Axieme is an insurtech company based in Italy with a European vocation.
• It is fully focused on supporting the insurance industry in their digitalization journey.
• This includes leveraging integrated innovation with technologies such as Chatbot & Roboadvisor, Insurance Wallet, Big Data, Internet of Things (IoT), and Fraud Detection. Axieme Insurance Software Solution comes with intuitive design, insightful tools and web-based system conceived as a plug-and-play platform.
•  Funding Received: $83,008 (€75,000) Seed Round
•  Funding Date: June 15, 2018
• The link to the website is here.

CHALLENGER BANKS LENDING SERVICES

• According to a report published by PwC, specialty banks have propositions typically anchored around specialist lending for customers underserved by others in the market, such as certain types of SMEs and the consumer market.
• These challenger banks generally have a limited physical presence, placing more emphasis on call centers, third‑party distribution channels, regional offices, and increasingly, digital channels.
• Challenger banks often work with intermediaries to source new business.
• Specialty finance challenger banks represent a unique group of banking players that operate in the high yield and/or low-risk segments of specialty finance with alternative channels, digital technology, and flexible operating models.
• Some examples of specialty finance banks in Italy include "Banca Ifis, Banca Farmafactoring, IBL Banca, DoBank, Banca Sistema, Credito Fondiario, Guber Banca, illimity, Banca Progetto, Credito di Romagna (SC Lowy), Banca Privata Leasing, Banca Finint, Vivibanca, and GBM Banca."

SMES AND A FINANCE FOCUSED DIGITAL ECOSYSTEM

• Italian banks largely underserve SMEs. According to the PwC report, a new trend is emerging where niche segments’ specialty finance players, new challenger banks, and fintechs can develop new ecosystems, focused on SMEs and new financing.
• Such new challenger banks are developing new digital services specifically designed for SMEs.
• There has been a growing demand for SME-tailored financial services.

INCREASING PSD2 USE, OPEN BANKING, AND APIS

• The PwC report indicated that PSD2 use is growing, along with open banking, and APIs.
•  PSD2 enables bank customers — consumers and businesses, to use TPP (third-party providers), AISP1, and PISP2 (payment initiation service provider), to manage their finances.
• While AISP provides access to the pool of transactional data of bank customers, PISP, in turn, is the payment service provider that enables an efficient payment data exchange in between the customer and the retail service provider.
• With the consent of customers, banks are obliged to provide AISP/PISP access to their customers’ accounts through open APIs.

RISE IN FINTECH PROJECTS FOR DIGITAL SERVICES FOR BUSINESSES

• According to a survey carried out by the Bank of Italy, there are about 283 fintech projects developed by surveyed intermediaries. Out of the 283 fintech projects, 122 have already been approved or were under development, and 82 were already in the execution phase.
• These projects cover various financial services such as remote transactions, client identification and execution of contracts, payment services and automatic services that are offered to businesses.

BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGIES

• In the past three years, business services based on blockchain and distributed ledger technologies promoted by financial institutions have grown to 275.
• The major applications of blockchain and distributed ledger technologies deal with the management of payments, the capital market, and data and financial documentation.
• According to a report published by Politecnico di Milano, 55% of Italian SMEs already interact with financial institutions through an app, while 92% do it through a PC.
• The digital world is revolutionizing the Italian financial ecosystem resulting in the emergence of innovative entities, identifying new customer needs and new forms of relationships between users, companies, institutes financial and insurance.

RESEARCH STRATEGY

USEFUL FINDINGS

• Google Pay went live in Italy in September 2018.
• By December 2018, Italians could add their N26 cards to Google Pay.
• Some banks that support Google Pay and whose credit and debit cards can be added to Google Pay include; Banca Mediolanum, Boon, Hype, Nexi, N26, Revolut, and Widiba.
• According to a recent survey, 74% of all Italian consumers use their smartphone for mobile banking.
• According to market forecasts, the Italian mobile payment industry is expected to hit $164,496.9 million by 2025, growing at a CAGR of 14.5%. The mobile wallet payment segment will increase in value at a CAGR of 13.8% during 2018-2025.
•  In 2017, the cashless payment method accounted for only 14% of all payments made by Italian citizens.
• As a fuel for e-wallet transactions, Italy's ecommerce market value is forecast to hit €35.76 billion by 2020, growing at a CAGR of 15.6% between 2016 and 2020. 
• The number of e-shoppers in Italy doubled between 2011 and 2016, increasing from 9 million to 18.8 million.
• Italy is the world's biggest market for prepaid credit cards, with more than 25 million prepaid cards issued.
• In 2016, e-wallet use accounted for 23% (€4.6 billion) of payments.
• The number of e-wallet transactions in Italy during 2016 was €203.54 million, compared to €70.68 million online card transactions and €34.5million cash transactions.
• Purchases via smartphone grew by 63% in 2016, accounting for 30% of total ecommerce sales.
• Penetration of PayPal as an alternative payment method stood at 17% while prepaid cards penetration was 16%.

RESEARCH STRATEGY

Apple Pay — Italy

• Apple Pay in Italy is recognized to be among the top leading websites in Italy with 3,088 web traffic statistics.
•  Top websites using Apple Pay include apple.com, douban.com, chase.com, and telegram.org.
•  Apple Pay is now supported in Italy.
• About 70 million euros (+60%) was processed by smartphones through Apple Pay and Samsung Pay in Italy in 2017.
• Apple’s wireless payment system Apple Pay is now up and running in Italy and they are into partnership with a handful of banks and popular retailers in Italy.
• Apple Pay currently supports Boon, Carrefour Banca, and UniCredit in the Italian market.

RESEARCH STRATEGY

Broad Search for Apple Pay Statistics

Use of Analytical Sites

Exploring News Publications

Broadening Our Research

INDICATORS OF HOW COMMON DIGITAL BANKING IS IN ITALY

• Banks in Italy are offering online banking services to help improve their relationships with customers. Such services are becoming a key feature to offer clients a complete service and to "reach any customer through any device at any time".
• According to a survey, 98% of bank customers in Italy make use of online banking, while 84% make use of mobile banking.
•  The web is commonly used by Italians for financial management and product or service purchasing, with 56% of preference, compared to visiting a physical branch.
• According to 58% of customers, the level of availability of a physical branch can convince them to switch to online banking.
• Banking customers are progressively increasing the use of internet, with 37.4% of users making exclusive use of it for all banking operations. The population segment that makes bank operations exclusively from the internet is between 35 and 54 years, with an incidence of 44%.
• Additionally, the value of investments in fintech (mergers, acquisitions, investments venture capital and private equity) reached $31 billion in 2017.

HOW PEOPLE ACCESS DIGITAL BANKING

• Customers in Italy use laptops and desktop computers to access online banking. Android and iOS are the main operative systems for online banking services.
• Among the young population, mobile, ATMs, and digital totems, are the most popular ways to access banking for account balance consultations.
• In this country, 18.5% of people use online banking through a PC, while 17.7% use a mobile for all their banking operations.
•  Fifty four percent of Italian bank customers have downloaded their bank's app, and 51% use a mobile app for making payments.
• In this country, many financial apps have been downloaded by young people between 15 and 24 years old, who say apps are their preferred tool for banking transactions and make use of them for payments more often, compared to the average population (18% and 8% respectively).
• For older Italian population, home banking is their preferred choice for simple operations. This age group continues to visit their physical branch "for more complex transactions and inquiries".

USEFUL FINDINGS

• The online/digital banking penetration in Italy remains low and has reached just 34% in 2018. However, the penetration has grown consistently over the last ten years burgeoning from a paltry 12% penetration level in 2007 to the current level of 34%. Over the past 5 years, the penetration has grown consistently from 22% in 2013 to the current level.
•  Forty-six percent of the individuals who used the internet over the last three months in 2018 did so for availing internet banking services. This has number has grown from 31% witnessed in 2007.
• According to data from the Polytechnic of Milan, the digital payment and online banking industry in Italy reached €220 billion in 2017 and grew by 10% compared to 2016.
• Italians, compared to other European nations, have a strong penchant for cash as corroborated by ECB data which avers that Italians undertake 86% of their transactions in cash and only 14% with other solutions such as ATMs, credit cards, wire transfers, RID, and others.
• The most recent trend in Italian digital banking transactions pertains to the use of debit cards for “m-proximity” and “m-payment” transactions, i.e. purchases and payments made via mobile phone, through banking apps.
• Intesa Sanpaolo is the first digital bank in Italy and has 8 million multi-channel customers and 3 million app users. Forrester Research has ranked the bank's retail digital platform to be among the three best digital banks in Europe.
• Other major digital banks operating in Italy include Revolut, N26, bunq, and Monese. The various facilities offered by these banks include budgeting tools, international currency exchange, travel insurance, cryptocurrency facilities, virtual cards, and foreign money transfers through TransferWise without incurring any foreign exchange fees.
• The adoption of fintech in the digital banking space is on the rise in Italy and "the Italian Banking Association (IBA) has opened a pilot project on blockchain-based interbank reconciliations to a first group of 14 lenders." The same aims to bring more visibility "to exchange of interbank transactions, verifying the matching of correspondent accounts and highlighting discrepancies for automated remediation."
• Some of the largest industries in Italy include the tourism industry; the manufacturing industry including automobiles, wooden furniture products, textiles, jewelry, footwear, appliances and spare parts, clothing, and machine tools; the agricultural industry; the service sector; and trade.

Research Strategy

CREDITO FONDIARIO

• Credito Fondiario offers banks, financial institutions, and investors a wide array of vertically integrated services. Its core business revolves around all credit asset classes, such as performing and non-performing. Credito Fondiario website link is available here.
• According to Hoovers, the company has an estimated annual revenue of $64.45 million.
• The PWC report did not disclose the respective market shares of the four main specialty finance challenger digital banks in Italy. However, in the report, PWC indicated that these companies gained significant market shares in their specific segments.

CREDITO DI ROMAGNA

• Credito di Romagna, which SC Lowy recently acquired a majority stake rebranded to Solution Bank and its website is accessible via this link. The bank, according to Hoovers, has an estimated annual revenue of $19.69 million.
• Credito di Romagna claims to be a challenger bank offering "financing support for local and international companies in complex and distress situation." Its offers institutional and corporate clients four main services, including NPL (non-performing loan) solutions, debt solutions, partner solutions, and corporate solutions.

ILLIMITY

• Illimity claims to be "the new paradigm bank for companies and families, specialized in supporting small and medium enterprises." It operates in three core areas, i.e., lending to SMEs, corporate NPL, and direct/mobile banking services for SMEs and families.
• Hoovers estimates the annual revenue for Illimity, which has a stock price of €8.33, at $0.99 million.

BANCA FININT

• Banca Finint is also another main player in the specialty finance competitive landscape in Italy. The bank operates with a team of approximately 300 specialists to identify the most appropriate products and solutions to meet client requirements (corporations, investors, and financial institutions) in their diverse areas of activity.
• Based on the most recent sales data for Banca Finint, it had an annual revenue of €256,000 as of 31 December 2016.

RESEARCH STRATEGY

ENGLISH AS THE FIRST LANGUAGE IN ITALY

• According to 2018 data, the native English speakers account for less than 1% of the total population in Italy.
• The total amount of native English speakers is as follows: 28,000 UK natives, 15,000 US natives, 2,900 Ireland natives, 2,200 Canada natives, 1,700 Australia natives, 600 South Africa natives, and 300 New Zealand natives.
• There are not many companies using English as the first language in Italy. The only companies which are thought to be using English as the primary language in business are companies that use English as the primary language across all of their global operations.
• There are only three online outlets which publish English content in Italy. Those are AGI (Agenzia Gionalistica Italiana), news site produced by the Italian Prime Minister's office, ANSA - the Italian News Agency, and EIN News which publishes Italian news in English.
• According to official reports from Italian government, no Italian-based print media uses English as the first language. However, English publications are imported and available for purchase in bigger cities in Italy.

ENGLISH AS THE SECOND LANGUAGE IN ITALY

•  30% of population in Italy speaks English as a second language.
• In August 2019, Indeed displayed 1,840 English knowledge-based jobs in Rome. Overall, 4,398 jobs in Rome were displayed on Indeed in the same month.
• Based on the number of job ads shown for Rome, the capital and the biggest city in Italy, 41% of jobs in Italy require the knowledge of English as a second language.
•  In media in Italy, everything that relates to entertainment such as movies, cartoons, books, are TV shows are fully translated from English to Italian. All the media content is fully dubbed due to the fact that the Italian dubbing industry is considered to be among the best in the world.

RESEARCH STRATEGY

• In August 2019, Indeed displayed 1,840 English knowledge-based jobs in Rome.
• Overall, 4,398 jobs in Rome were displayed on Indeed in the same month.

• 1,840 / 4,398 = 0,41
• Based on the number of job ads shown for Rome, the capital and the biggest city in Italy, 41% of jobs in Italy require the knowledge of English as a second language.