The company SalaryFits is expanding its operations to Italy through a partnership with Dynamica Retail SpA, a financial institution specializing in personal loans. Over the last five years, Dynamica has granted over 1 billion euros in personal loans. The goal of this collaboration is to offer a fully digital and straightforward credit experience.
The solution proposed by SalaryFits will enable Dynamica to manage employees’ access to payroll-deductible loans and other discounted benefits in an automated and online manner, providing autonomy and confidentiality.
Italian financial regulations have strict rules regarding credit offerings by financial institutions, so the aim is to further enhance the offering for partners, providing a high-quality and transparent experience to the end customer with lower costs compared to those currently practiced in the Italian market.
The salary-backed loan market is highly sought after by Italians, with a credit value exceeding 22 billion euros in Italy. Data from the first nine months of 2022 show a 7% increase in disbursements by financial institutions in this category, encompassing the public, private, and pensioner sectors.
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