The Lombards are back with thriving fintechs in Milano.

3 innovation and digital news in 1 minute. Every Monday. Episode 320

News 1: Satispay — the PayPal challenger — with another approach

Satispay is a payment service for payments to shops and peer-to-peer. Sounds like PayPal? Yes, but the approach is radically different. User can only link Satispay with a bank account (regulated by a bank transfer once a week), no credit card. Resulting in lower fees. Lower fees, also for the merchants — key for the expansion of Satispay. It explains the large funding for Italy’s second unicorn — latest funding of $310m in September 2022, leading to a total of $471m. Opinion: It first sounds like PayPal, but it is not. Satispay approach is based on lower fees, above all no credit card link. Lower fee for merchants and a discount system for them — the Satispay USP. Also, an approach region by region, not country by country. From Liguria to Côte d’Azur, for example.

Italy has built a PayPal challenger — countries like Germany did not.

News 2: Scalapay — the Italian Buy Now Pay Later contender

The first unicorn in Italy. Scalapay is a Buy Now, Pay Later (BNPL) provider. It typically offers payments in three equal rates. Unlike Klarna, Scalapay charges fees for late payments, 24 hours after the deadline expires. Based in Milan and currently total funding of $725m. Opinion: BNPL extended to…newest special offer is “vacation now pay later”, hotel and travel booking services offering installment payment through Scalapay. BNPL is a hot race with many competitors like Klarna, Affirm and Afterpay. All trying to stand out with the next “….. now pay later” e.g. Klarna and Deliveroo “eat now pay later”.

What will be the next “…. now pay later”?

News 3: AideXa simple pre-packaged business loans

AideXa is a challenger bank from Milan that provides with digital loans to SMEs. Value proposition is the fastest process for a business loan “Find the right loan in just 3 questions”, “In 20 minutes we will tell you if you are financeable”. AideXa raised seed funding of €45m in November and comes on our radar. Opinion: The quick and simple loan application process is possible because loans are “pre-packaged”, standardized offerings like “X instant loan”, up to €100,000 paid out within 48 hours.

As they say, “In Italy, no one else can offer you the speed we give you”.