Milan is a global hub for financial and business services and it is home to 5,300 multinational companies, employing more than 569,000 residents. 7 of the world’s top 10 multinational companies operating in the country have their branch office in Milan - including Google, Facebook, Microsoft and Cisco.


Milano is increasingly attracting the attention of international VC investors. In 2022, the region attracted unprecedented levels of venture capital: €1.3 B  (62% of the Italian total and +90% compared to 2021). With its strategic location, strong and diversified economy and fast-growing business environment, the city is rapidly becoming an important VC investment destination. 


In 2022 Milano received €672 M more VC funding compared to 2021 and ranked 3rd in EU for fastest growing VC ecosystems, behind the much more established hubs of Paris and London.


Let's have a look at the Fintech Industry of Milan! 


Milan is home to the Italian Stock Exchange (part of the London Stock Exchange), which has 501 listed companies and a market cap of over €704 billion. Borsa Italiana has been acquired by Euronext recently, becoming the largest revenue contributor of the Combined Group, thus playing a key role in its future operations, strategy and governance. 


Milan is home to major financial institutions such as Unicredit, Mediobanca, Banca BPM and Intesa Sanpaolo, as well as global players like BNP Paribas, HSBC, Citibank and ING.


Banca d’Italia introduced “Target Instant Payment Settlements” (TIPS), which guarantees almost immediate settlement and is leading to exponential growth of new payment systems. As a result, Milanese payment tech giants, such as Nexi, and unicorns, such as Satispay and Scalapay, are at the vanguard of smart payment solutions. Italy is experiencing a fast increase in the adoption of digital payments, especially among younger generations, and a progressive reduction of cash penetration compared to the total consumption of Italian households, aligning itself with more mature markets.


  • In 2022 the volume of digital payments transactions reached €400B (+20% vs. 2021).

  • In 2022 6.4M Italians used mobile payment solutions (+28% vs. 2021) and the volume of transactions with smartphones or wearable devices reached €16.3B (+122% vs. 2021).


Milan’s alternative lending sector is strong and mature, being home to 45% of the alternative lending companies in Italy, whose revenues have grown 29% YoY. The city is home to numerous alternative lending companies which enable credit scoring, focus on business and/ or consumer lending, do invoice financing and offer comparison tools and marketplaces.


The Italian insurtech market has seen exponential growth in recent years, with insurtech companies’ revenues growing by 97% in 2016, 71% in 2017, 46% in 2020 and 95% in 2022. 

In 2022 there are 120 Italian insurtech start-ups active that have raised the €450 million of investments (+61% vs. 2021). Milano represents the main hub of Insurtech in the country, being home to 35% of all the insurtech companies in Italy, and raising alone €31 million in 2022.