The fintech company Young Platform closes a €16m investment round led by Azimut to simplify and expand the access to the world of cryptocurrencies
Milan, 13 June 2022 – Azimut, one of the leading independent asset managers in Europe with over EUR 83 billion total assets, participated as lead investor in the EUR 16 million capital increase of Young Platform, an Italian fintech platform that simplifies the access to the world of cryptocurrencies.
Among Italy’s leading fintech scale-ups, Young Platform aims to simplify the access to the world of cryptocurrencies through a digital product platform and intensive educational and popularization activities on blockchain technology and its applications. Among the top three cryptocurrency trading platforms in Italy with 36% market share, the company had over 1 million users at the end of the first quarter of 2022, equal to 11 times the previous year’s volumes. It aims to become a smart digital bank with a focus on new digital services.
Azimut’s EUR 11 million investment was made through a consortium formed by the Digital Asset Opportunity Fund VCC, launched in collaboration with SBI and SYGNUM, the Azimut Digitech Fund created through a partnership with GELLIFY, and the Luxembourg-based vehicle Azimut Direct Investment Young Platform SCSp. This allowed the Group’s High Net Worth (HNW) customers, served by the network of financial advisors and wealth managers in Italy, to gain exposure to a constantly growing sector.
A pool of investors including Banca Sella, United Ventures and Abalone Venture also participated in the Azimut-led round to support the international expansion of Young Platform.
The cryptocurrency market almost tripled its capitalization in 2021, from $772 billion on the 1st of January to $2.19 trillion on the 31st of December (CoinMarketCap data) and is entering a new phase of development with growing interest from retail investors, as well as institutional investors. In particular, young Italians are among the most enthusiastic in Europe with 14% between the ages of 18 and 34 stating that they have bought or sold cryptocurrencies. Globally, more than a third of millennials believe cryptocurrencies will soon replace cash and cards (Deutsche Bank data).
The new capital investment will support Young Platform’s development plans, starting with the expansion of the team, from 41 to 110 members by the end of 2022, and geographic expansion into new markets such as Spain and France.
Giorgio Medda, Chief Executive Officer and Global Head of Asset management & Fintech at Azimut Group, comments: “Despite the volatility, cryptocurrencies are emerging as a new asset class reflecting a new digital dimension of the economy that will be increasingly significant for generations Y and Z. Young Platform has developed crypto exchange capabilities in combination with gaming and educational verticals that are particularly valuable as we plan to grow a market segment for a new generation of investors who are looking to the future with financial perspectives based on non-traditional instruments. The Young Platform team uniquely combines technological capability and vision. From our perspective as global venture capital investors, with the experience of SBI and the support of GELLIFY, we believe there is great potential for its development in the European markets. This investment aims to be the cornerstone for the development of joint projects through which we can integrate blockchain and decentralized finance into our asset management platform as new investment and operational opportunities in the digital transformation of our industry, transcending market dynamics in the short term.”
Andrea Ferrero, CEO of Young Platform, comments: “We want to help people seize the new opportunities that technology offers to the world by attracting the best talent from technology and finance, or any other industry where the smartest people in the world are to be found, and grooming them to be innovative in this new industry. There are no defined rules in this industry, which means we can help write them. This is a huge chance that requires extremely creative problem solving and a true desire to change the status quo in every aspect, from marketing to tech to customer support and design.”