Prestiamoci.it, the only Italian Peer-to Peer lending platform authorized by the Bank of Italy to manage a marketplace for online private loans, will merge with TrustBuddy International AB, the world’s largest, publicly traded, peer-to-peer company. Prestiamoci.it will leave the venture incubator Digital Magics, which will continue to support it in its growth phase.
The transaction, which involves the purchase of 100% of the shares of Agata S.p.A., the company that owns and manages the brand Prestiamoci.it, amounts to €5.3M: €1.5M will be paid in cash and €3.8M in equity (shares) of TrustBuddy. In addition, the shareholders of of Prestiamoci.it will receive 10 million options to purchase shares of TrustBuddy, at a share exchange ratio of 1 option to 1 share by 2018 and a strike price equal to 160% of the average price of the share in close proximity of the closing. The transaction is subject to due diligence and approval by the competent authorities and the closing will be made within two weeks from obtaining such authorizations. In this way Digital Magics and other investors of Prestiamoci.it, including many belonging to the Digital Magics Angel Network, will become majority shareholders of TrustBuddy.
TrustBuddy chose Prestiamoci for its proprietary technology platform and for the business model built in Italy, which TrustBuddy wants to replicate in other European countries. With the acquisition of Prestiamoci, once finalized, the Norwegian company will enter the Italian market through a holding company regulated by the Bank of Italy and will aim to accelerate its online development of long-term loans, thus further consolidating the European and international leadership.