Italian funding financial institution Cassa Depositi e Prestiti (CDP) has dedicated €20m (£17.75m) of institutional finance that can enhance lending on European peer-to-peer lender October’s platform.
The funding will attain Italian small – and medium-sized enterprises (SMEs) by means of October’s SME IV non-public debt fund.
The fund lends by means of October’s P2P lending platform.
Learn extra: October warns side effects of pandemic won’t be felt until the new year
It will increase total commitments within the fund to virtually €135m, with present funding from the French Public Funding Financial institution, the European Funding Fund and the Spanish Official Credit score Institute.
“With the funding within the October SME IV Fund, CDP continues its plan to help Italian SMEs and small-mid caps, notably after the extreme well being emergency that hit our nation,” Paolo Calcagnini, chief enterprise officer at CDP, mentioned.
Sergio Zocchi, chief govt of October Italia, mentioned supporting companies was “a part of our DNA.”
October operates in France, Spain, Italy, the Netherlands and Germany.
It comes after the platform mentioned December was “the most active month in our history”, lending €24m to 70 companies amid the pandemic.
Throughout 2020, October supported 395 SMEs, up by 75 per cent from 2019, representing 16,697 jobs and €5.74bn in revenues.
Learn extra: P2P lender October unveils lending technology to boost employee engagement
