Italian fintech Banca AideXa, specializing in digital lending for micro and small businesses, has raised €16 million in new capital. This funding brings their total raised capital to €96 million and includes Italy’s largest business association, ConfCommercio, as a new investor.

Banca AideXa plans to utilize the new financing to achieve several goals in the upcoming year, including reaching profitability, attaining €700 million in credit stock, and generating €30 million in revenues.

Founded in 2020 and headquartered in Milan, Banca AideXa employs artificial intelligence and open banking to provide credit and support for the growth of micro and small businesses.

This recent capital infusion follows a significant milestone in 2020 when the company secured €48 million, marking the largest financing ever for an Italian fintech startup. Despite challenges such as the "credit crunch," Banca AideXa reported a 25% increase in disbursements in Q1 2024.

Giovanni Da Pozzo, VP of Confcommercio Imprese for Italy, expressed the organization's intention to establish a strategic partnership with Banca AideXa. Their aim is to introduce new tools that enhance access to credit for micro and small businesses across Italy.