First Italian Digital Bank Illimity Offers New “Open Platform” with Illimity Hubs

Illimity, the first digital bank in Italy, is now offering a “illimity Hubs,” described as an innovative collaboration model in line with open banking and an open platform approach.

lllimity is a banking start-up specializing in loans to SMEs. Illimity provides a digital direct banking services for customers via illimitybank.com.

Illimity began in January 2018 with the launch of SPAXS S.p.A. – the first Italian entrepreneurial SPAC (special purpose acquisition company) set up to acquire and capitalize on an entity operating in the banking industry. The SPAC reportedly raised €600 million. Just two months after its launch, SPAXS announced the acquisition of Banca Interprovinciale S.p.A., with the resulting business combination finalized in September 2018 after obtaining the approval of the shareholders of SPAXS in August 2018. The merger between SPAXS and the Bank gave rise to “illimity Bank S.p.A.”, which began trading on Borsa Italiana’s MTA exchange in March 2019 under the ticker “ILTY”.

With illimity Hubs, the company seeks to go beyond the traditional partnership model, according to a release. In illimity Hubs, customers can utilize the functionalities provided by the partners on the illimity bank platform and activate third party services. Included amongst these,  is the possibility of creating spending plans that are linked to the steps that you take, recorded by Fitbit or by adding the MiMoto app, users can hire a scooter thanks to the Geomapping function.

In addition, illimity says that data analysis and artificial intelligence systems will enable personalised advice to be provided by combining a customer’s activity with his or her daily habits and customs.

Carlo Panella, Head of Direct Banking and Chief Digital Operations Officer in illimity, states:

“In full open banking logic, we have created a unique platform that enables customers to access the apps of non-financial partners of excellence in an ecosystem that is advanced in terms of both what is provided and the interconnected user experience. Thanks to the debut of illimity Hubs, illimity’s fully digital direct bank is once again showing that it is able to go beyond by redrawing banking frontiers and putting customers and their daily lives at the forefront.”

The new platform will be presented during a live-streamed event arranged by illimity in conjunction with StartupItalia that will take place on June 19th.

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