This paper describes the characteristics of Italian Fintech operators not subject to banking supervision, both as a whole and by main sector of activity. The study draws on the financial statements of a sample of Fintech companies for the period 2019-21.
The Fintech ecosystem in Italy is mainly composed of small firms, heterogeneous in terms of corporate form, activity and balance sheet structure. Their turnover is growing strongly and their profitability is improving. However, many companies report net losses and the sustainability of the business models applied, which are mainly focused on expanding the customer base, often depends on external financing. The Fintech sector is in its development phase and could become strategically important for Italy in the future.
