Italian fintech illimity Bank is teaming up with the Engineering Group. The deal covers illimity’s IT platform, its distribution to third parties and its future development. Since its foundation, illimity has invested in the development of an innovative technology platform, fully digital, modular and in-cloud. The bank’s platform combines state-of-the-art models, architectures and standards.

According to illimity, the deal enables the bank to accelerate its path to fully exploit and further increase the market potential of its IT assets. Specifically, Engineering will expand its portfolio of solutions, applications as well as platforms to offer to its target market. In parallel, as the Bank’s technology partner, it will support illimity in the future developments of its platform. For example, the agreement provides for the sale of a copy of the source codes of the IT platform from illimity to Engineering.

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illimity, Engineering deal runs initially to 2032

The deal covers a nine-year period to 2032 for a consideration of €55.5m million. An additional €4.5m euro may be added in the period 2024-2032 in return for further platform upgrades provided by illimity that Engineering has the option to acquire. The agreement includes a service contract for professional services provided by Engineering to illimity.

The lender was founded in 2018 and listed on the Italian stock exchange in 2019. The bank has pioneered open banking in Italy, agreeing a deal in 2020  with Italian Open banking firm Fabrick  to create HYPE, the biggest open banking platform in Italy.

Illimity ended 2022 with assets of €6.4bn.

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