September 2022
SMEs: October and Solution Bank together to finance Italian companies
A new way of financing businesses is the result of the collaboration between October, the European fintech specialising in corporate financing, and Solution Bank, an innovative corporate & investment bank.
From today, companies requesting financing from October will also have the resources of Solution Bank directly at their disposal. The challenger bank, which has chosen October’s know-how and technology to expand its offering to businesses, will provide loans to SMEs alongside October’s institutional investors and private lenders, significantly increasing 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 collaboration between fintech and bank to directly finance the real economy.
With this strategic partnership, Solution Bank, which has long been attentive to the financial needs of SMEs, broadens its offer through a modern and dynamic access channel enabled by October’s know-how and technology, providing loans to SMEs in a simple and fast way.
The aim of the collaboration is to further expand access to credit for thousands of SMEs, a sector in which October holds a leading position in Europe with more than EUR 900 million in loans. In addition, it allows for greater risk diversification and an increase in the credit capacity of both parties. The bank’s financial resources are added to those from institutional and private investors, further broadening the range of lenders investing through October.
Sergio Zocchi, CEO October Italia: “October has always stood out 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 will allow 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 bank and fintech operator, an aspect for which October is a leader in Europe”.
Frank Fogiel, General Manager Solution Bank: “After the excellent results of the last few years, where Solution has supported numerous companies, we are looking forward to ambitious future goals. The
partnership with October will open up a new access channel for customers, which will significantly strengthen our offering 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 that has allowed Solution to emerge as a major partner in the market.”