Arma Partners is pleased to announce that it has acted as exclusive financial advisor to Sella Group and Fabrick (a company part of the Sella Group focused on the open banking and fintech ecosystem in Italy) on a Joint Venture with illimity Bank with respect to their challenger banking activities in Italy.

The transaction creates a national fintech champion reflecting the shared visions of Sella Group and illimity Bank, to serve the rapidly changing digital consumer banking landscape in Italy. The new venture, marking the first consolidation in open banking in Italy, will be jointly controlled by Fabrick and illimity Bank and will include HYPE, Fabrick’s challenger bank subsidiary that already serves 1.3 million customers.

By integrating the open banking activities of illimity Bank, HYPE will be able to substantially accelerate the execution of its business plan. As part of this transaction Sella Group will ultimately hold a 10% shareholding in illimity Bank, and the near-term development capital needs of the Joint Venture will be funded by illimity Bank.

This multi-faceted transaction underlines Arma Partners’ deep sector and execution expertise in Digital Banking and Payments. The transaction further underlines our Private Capital practice’s track record of helping our clients achieve transformational transaction outcomes for fast-growing and innovative businesses that operate at the forefront of the Digital Economy.