MILAN-BASED FINTECH STARTUP Tot CLOSES €2M FUNDING ROUND FOR ITS 2022 MARKET ENTRY
A new fintech startup Tot which evolved the year the world was braced with the current pandemic is poised to digitize administrative and financial management for freelancers, microenterprises, and professionals. Yet, a platform structured to accompany self-employed experts or small-scale business owners in different phases of business management, to ensure they are digitally connected with their accountants, banks, suppliers, and customers.
The subject startup which was founded in 2020 is structured with a goal to free up small-scale businesses precious time, which will give them more space to easily monitor and manage their expenditure, collection, and earnings while paving way for a timetable to set aside provisions for taxes.
As Italy’s fintech ecosystem double down in this trajectory of growing space aimed at seizing market opportunities within this axis, which is also viewed as part of the evolution from the global fintech market which has so far impacted the payments sector, is currently shaping services dedicated to professionals and microenterprises.
The subject fintech company was founded by ‘Doris Messina’ (currently the Chief Digital Transformation Officer of Banca Sella), ‘Andrea Susta’ (previously in the Digital Marketing team of Fabric), and ‘Bruno Reggiani’ (former Country Manager Italy of Penta), and are borne with the belief that small businesses remain crucial to the economy. However, efforts are made by the company to provide advanced administration and planning resources needed by small companies to grow. Also viewed as a way of allowing the businesses to enjoy more success while keeping the local economies in shape.
Regarding the subject country, it’s been observed that there are more than 821,000 micro-enterprises, which are undoubtedly Tot’s market target, and also 79.5% of total companies. Equally, looking at more than 5 million self-employed in Italy, meant a huge number of users that until now has been underserved by traditional financial institutions. While the financial sector of the economy is braced with digital transformation, the issue of targeted product offer remains a huge question, and this is one of the reasons why businesses are yet to see digitalization as a priority. Hence, they risk losing efficiency and competitiveness in the medium term.
In view of this, it is believed the strong market potential, in addition to the skills and experience of startup Tot founders, had helped the subject fintech to close a first seed funding round of €2 million, backed by Banca Sella. However, with the latest fundraise, the company aims to expand further across European markets.
“We are thrilled to have the opportunity to generate added value by bringing services to the market that we hope will quickly contribute to improving the lives of small businesses by supporting their development”, the CEO and co-founder of Tot ‘Doris Messina’ said.
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