Fido announced closing a €5 million series A round led by United Ventures SGR

Fido, a Milan, Italy-based startup providing a mobile app for chechink financial scores and solvencies, raised €5 million ($5M) in series A financing round.

The money was raised locally from Italy from investors led by United Ventures and will be used to increase the number of signals collected, develop new scoring algorithms, launch a new solution for SMEs and expand the Fido team.

Fido, founded by Marko Maras and Paolo Mardegan, developed a proprietary platform that makes it possible to assess the risk of fraud and the quality of customers through the analysis of their online behavior and the use of artificial intelligence. The company says it assesses the quality of online customers through the detection of digital footprints in full compliance with privacy regulations - analysing information such as telephone number, e-mail address, IP address, device and browser and feeding all those signals to feed proprietary scoring algorithms for lead qualification, credit scoring, fraud prevention and identity verification. It also says it has processed processed over 3 million queries and closed agreements with important Italian and international customers such as Facile.it, Sisal, Banca Sella, Younited, Trulioo and Boku.

Fido previously raised 1.1 million back in 2020, also from local Italian investors, including Giorgio Valaguzza of Ithaca Investments (who also joined the BoD of Fido), Alessandro Fracassi of Gruppo MutuiOnline, Attilio Mazzili of Orrick, Fernando Spallanzani of Banca Privata Leasing, Giacomo Sella of the Sella Group, and angel investors Gianluca D'Agostino and Giovanni Strocchi. It also added Crif as strategic shareholder in 2021.