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Fabrick's new strategic partnership
Milano Fintech continues to attract the attention of major international players
Milano has long been Italy’s financial capital. As such, it has striven to introduce and adapt financial innovation to keep abreast and ahead of the evolution in word markets. The city has embraced digital payments and electronic currencies, developing into a major European fintech hub. Numerous startups and two unicorns have already been incubated by the Milanese ecosystem of digital finance.
In this promising environment, which has managed to weather the headwinds of market turbulence, Fabrick – pioneer of Open Finance and member of Milano&Partners – has signed a new strategic partnership with Mastercard for the development of innovative Embedded Finance solutions that accelerate the growth of companies, financial institutions and other fintechs in Europe. The agreement strengthens the collaboration started in 2019 between the two financial companies to promote the development of digital financial services in Europe. Mastercard confirms its trust in the potential of the Milanese fintech company by entering its capital with a minority stake.
Thanks to the operation, Fabrick is preparing for a new phase of growth with €40 million additional funds available. Fabrick, led by co-founder Paolo Zaccardi, operates in Italy, France, Spain, Portugal and the United Kingdom; it employs over 400 people and posted consolidated net revenues of €48 million in 2022, +14% compared to the previous year.
The beginning of 2023 saw sustained growth: in the first quarter, the company posted €12.7 million in consolidated net revenues (+15% with respect to Q1 2022). The new resources will help finance not only the consolidation of the platform in Italy, with investments in products and services and the scale-up of infrastructure, but will also be used for expansion into other European markets.
Since 2021, Fabrick has decided to make available to Milano&Partners both its crucial know-how and network of relationships developed over the years as a reference player for the evolution of digital financial services. The collaboration between YesMilano, a Milano&Partners brand, and Fintech District, the reference community for Italy’s Fintech and Techfin headed by Fabrick, is making possible to implement initiatives that make the city more attractive for international investors and foreign fintech companies.
Milano&Partners will also support the Milan Fintech Summit in 2023, the international event promoted and organized by the Fintech District and Business International/ Fiera Milano. The fourth edition of the Milan Fintech Summit is scheduled for 9, 10 and 11 October in the huge spaces of the Allianz MiCo Convention Center at Tre Torri.
