Aidexa, an Italian challenger bank for SMEs, has raised €45 million in seed financing.
Founded by Roberto Nicastro, former general manager of Unicredit, Aidexa intends to use a combination of AI and Open Banking to target the seven million businesses in Italy with a turnover of less than €10 million.
The startup, which plans to recruit approximately 100 staff in the coming months has set a goal of breaking even within three years and landing 100,000 customers in five.
Aidexa currently operates as credit institution, offering loans and investment-related services, but expects to obtain a full banking licence in 2021.
The €45 million in seed funding was raised from the Generali Group, Banca Sella, IFIS, and from VCs, family offices, trade associations and angel investors.