October, the European Fintech company specializing in SME financing, and Solution Bank, an innovative corporate & investment bank, have “developed a new way of financing SMEs.”
Businesses that apply to October for financing will also “have Solution Bank’s resources directly available to them.” The challenger bank, which has chosen October’s know-how and technology to expand its offerings for businesses, will “provide loans to SMEs alongside October’s institutional investors and private lenders.” This significantly “increases the financial resources available to Italian SMEs.”
The agreement “foresees a sharing of financing operations between the two operators and represents a unique case in Italy of fintech-bank collaboration to directly finance the real economy.”
Thanks to this strategic collaboration, Solution Bank, which for a long time has been sensitive to the financial needs of SMEs, “expands their offer through a modern and dynamic access channel enabled by October’s know-how and technology.”
The new collaboration will “further expand access to credit for thousands of SMEs, an industry in which October holds a leading position in Europe with more than 900M€ in loans.” This collaboration also “allows for greater risk diversification and an increase in the credit capacity of both parties.” The financial sources of Solution Bank are “in addition to private and institutional investors, further enlarging the range of lenders investing through October.”
Sergio Zocchi, CEO of October Italy, said:
“October has always been recognised for its business model, its ambition to anticipate market trends thanks to its technology and a strong focus on the new and growing needs of businesses. The partnership with Solution Bank allows us to make our instant financing solutions available to a growing number of Italian SMEs. This partnership is a further example of innovative synergy between a bank and a fintech operator, an aspect for which October is a leader in Europe.”
Frank Fogiel, Managing Director of Solution Bank, remarked:
“After excellent results in recent years, where Solution Bank has supported several businesses, we are looking forward to the ambitious goals of the future. Our partnership with October will open up a new channel of access to customers, which will significantly strengthen our offer to businesses. This will allow Solution to continue on its valuable path of flanking and supporting the Italian entrepreneurial system, an aspect that has distinguished us in recent years and allowed us to emerge as a major partner in the market.”