ItaliaFintech has drafted together with InnovUp a joint document to address the main regulatory and operational criticalities affecting the crowdfunding sector in Italy. The work is the result of an active dialogue between the two associations and some of the main operators in the sector.
Despite signs of growth, fintech in Italy is still far from the levels reached by the main European countries. According to the 2025 report "Fintech in Italy and Europe: different contexts and rules. How to Attract More Investors and Support Successful Companies', presented on 2 April by ItaliaFintech in collaboration with the Fintech & Insurtech Observatory of the Politecnico di Milano, only 8% of the sector's start-ups are based in Italy - a percentage equal to that of Spain - while France hosts 17% and the United Kingdom as many as 67%, confirming a much more mature market.
The report analyses the fintech sector in Italy, Spain, France and the UK, highlighting Italy's difficulties in keeping up with other ecosystems, despite a certain ferment and the emergence of new realities.
The main obstacle: access to capital
One of the most critical nodes identified is that of access to funding. In Italy, the average funding per startup is EUR 12.5 million, a figure similar to the French one, but heavily distorted by a few maxi rounds. If these are excluded, the actual average drops to 4.7 million, well below the European average. Moreover, almost half of the rounds (47%) do not exceed EUR 1 million, unlike more mature markets such as the United Kingdom and France, where capital tends to be concentrated on larger deals, favouring the growth of the most promising companies.
According to ItaliaFintech, it is essential to simplify and support the creation of new innovative companies, in line with what is also advocated by the Draghi Report, which emphasises the need to strengthen Italy's competitiveness in digital.
A sector between two challenges: start-ups and banks
"Fintech today experiences a double dimension," says Laura Grassi, director of the Politecnico Observatory. "On the one hand, startups are facing a contraction phase after ten years of rapid growth: since 2021 there has been a decline in the birth of new companies, with 2024 marking the lowest point in recent years. This is true for Italy but also for other European countries. In this context, the challenge is to succeed in scaling up, at a time when investors have become more selective and oriented towards the economic sustainability of the project. On the other hand, there are the banks, which, with high margins, feel less of a need to innovate. However, closing oneself off to open finance is a strategic mistake: focusing only on the risks of innovation prevents one from seeing that the real danger is leaving room for those who already know how to exploit data. FIDA, the proposed European regulation on access to financial data, is a key opportunity to strengthen Europe's competitiveness and offer concrete benefits to operators and consumers, while ensuring data security. But we are taking steps backwards, risking the future of financial innovation. We need to ask ourselves what it really means to be competitive in an era dominated by data-centricity'.
Setting up a start-up in Italy is still complicated
Despite recent improvements, creating a startup in Italy remains a complex and costly process. ItaliaFintech proposes to complete the digitalisation of the incorporation process, taking advantage of the chamber of commerce system, and to update the legislation on innovative start-ups, introducing more flexible tools that can be adapted to the different stages of growth. Such action,' reads the report, 'would help simplify bureaucratic obligations, encourage the transition to innovative SMEs, and include non-academic skills, making the ecosystem more competitive and aligned with European standards.
Proposals for the future of Italian fintech
The report proposes a series of regulatory interventions: full and orderly implementation of the European regulation on crypto-assets (MiCAR), simplification and harmonisation of crowdfunding rules, promotion of open finance through the implementation of open banking, and greater proportionality in anti-money laundering regulations. In terms of taxation, the need for a stable and competitive framework is emphasised, without constant regulatory changes that could stifle innovation.
Also central is the issue of access to capital: public policies need to be strengthened to facilitate the scalability of Italian start-ups. International models have shown that tools such as regulatory sandboxes and dialogue with supervisory authorities can make a big difference.
The decalogue of ItaliaFintech
'We have drawn up a decalogue of concrete proposals,' explains Michelangelo Bottesini, president of ItaliaFintech, 'to make Italy a fertile ground for fintech and digital culture. One crucial point is the establishment of start-ups, which in our country is still too complex, costly and slow. We must promote the digitisation of company processes, exploiting tools such as digital identity, and make the paths for innovative start-ups less bureaucratic. In many European countries, such as France, Spain or Estonia, opening an online startup is simple and fast. Paradoxically, today it is easier for an Italian to start an online company abroad than at home. A more flexible approach to the innovative startup regime is urgently needed, with fewer constraints, progressive incentives and criteria that also value non-academic skills. Only in this way can we build a modern, competitive and internationally attractive fintech ecosystem'.