Fido secures EUR 1.1 million from Ithaca Investments, Orrick, Sella group, Gruppo MutuiOnline

Fido, a Milan, Italy-based startup providing a mobile app for chechink financial scores and solvencies, announced a capital raising funding round of EUR 1.1M ($1.3M).

The money was provided by r ange of local investors from Italy, 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.

The money will be used to accelerate the technological and product development of the company..

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.