Italian investment bank Cassa Depositi e Prestiti (CDP) has committed €20m (£17.75m) to fund businesses through European peer-to-peer lender October’s platform.
The funding will reach Italian small- and medium-sized enterprises (SMEs) through October’s SME IV private debt fund.
The fund lends through October’s P2P lending platform.
It increases overall commitments in the fund to almost €135m, with existing funding from the French Public Investment Bank, the European Investment Fund and the Spanish Official Credit Institute.
“With the investment in the October SME IV Fund, CDP continues its plan to support Italian SMEs and small-mid caps, particularly after the severe health emergency that hit our country,” Paolo Calcagnini, chief business officer at CDP, said.
Sergio Zocchi, chief executive of October Italia, said supporting businesses was “part of our DNA.”
October operates in France, Spain, Italy, the Netherlands and Germany.
It comes after the platform said December was “the most active month in our history”, lending €24m to 70 businesses amid the pandemic.
During 2020, October supported 395 SMEs, up by 75 per cent from 2019, representing 16,697 jobs and €5.74bn in revenues.