Alternative finance for Italian SMEs. Record demand and supply

30/11/2022
FINANZA E INVESTIMENTI

A few days ago, on the occasion of the annual Alt-Finance Day - the Alternative Finance Day, organised by Innexta, in collaboration with School of Management of the Milan Polytechnic, the Chamber of Commerce of Milan Monza Brianza Lodi and Unioncamere Nazionale - the results of the 5th Report on Alternative Finance for SMEs were presented. The research highlights a fast-growing market characterised by challenges and opportunities for the SME world. 

The resources mobilised in the first six months of 2022 by the alternative finance market to bank credit for SMEs amounted to EUR 2.6 billion (+32% compared to the same period of the previous year), an excellent result considering the EUR 4.5 billion mobilised in 2021 and the EUR 3.2 billion in 2020.

The sectors registering the strongest growth are minibonds, direct lending and lending crowdfunding. In contrast, invoice trading and equity crowdfunding are declining slightly.

In the first half of 2022, minibonds reached a record 559 million in countervalue placed, with single issues of even 30 to 40 million euro and 65 new companies using the instrument for the first time. A result that pulverises the 112 million raised in the same period in 2021. Probably many SMEs have decided to activate this instrument to get ahead of the curve, anticipating a substantial increase in interest rates in the short to medium term and thus deciding to make firewood for the winter.

Direct lending, i.e. lending by non-bank entities, almost always through specialised fintech platforms, totalled EUR 719 million raised in the first six months of this year, +55% compared to 2021.

Lending crowdfunding, i.e. lending by small resellers raised using dedicated online platforms, is also growing. EUR 95.9 million came from this channel in the first half of 2022, a 26% increase over the same period in 2021.

In contrast, invoice trading, i.e. the sale of a trade receivable, fell by 39% in H1 2022, compared to the same period in 2021. In this case, however, it is difficult to make direct comparisons between the current year and the past year, because the sector has changed a great deal following the acquisition - in January - of the large invoice trading platform Fifty by Credito Fondiario, effectively moving Fifty from the realm of alternative finance instruments to that of banking services.

Equity crowdfunding also recorded a slight drop in investments, stopping at 59 million in the first six months of this year.

Interesting data also come from the world of venture capital and investment funds: in the first half of 2022, 628 million in fresh capital for Italian SMEs was raised from that channel. A result up by 6%, which becomes very important if framed in the general slowdown of this channel at a global level, especially in the tech and startup sectors.

 

In conclusion, we can say that the picture that emerges from the report presents several important challenges and opportunities for the world of alternative finance. Faced with a very likely increase in demand for alternative finance instruments by Italian SMEs, the fintech sector will have to respond by demonstrating maturity, stability and sustainability in the medium and long term.



  • crowdfunding
  • PMI
  • finanza
  • banking
  • investimenti
  • tech