October 2026
Largest Specialty Finance Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Banca Ifis, BFF Bank, Generalfinance, Kruso Kapital and Integrated System Credit Consulting Fintech.
 | Banca Ifis is an Italian banking group, headquartered in Venice-Mestre and listed on the Milan stock exchange since 2003, that lends to small and medium-sized companies and buys and manages non-performing loan portfolios. It was founded in 1983 by Sebastien Egon Furstenberg, whose family still holds the honorary chairmanship. Its business covers factoring and supply chain finance, medium and long-term loans, leasing and rental, corporate and investment banking, and a deposit and current account offer for private customers. Through subsidiaries it serves pharmacies and runs a securities brokerage and wealth business under the Furstenberg brand. The group reported total assets of EUR 21.6 billion and 2,695 employees for 2025, and a proprietary non-performing loan portfolio of EUR 17.8 billion gross book value at the end of 2025. It completed the acquisition of illimity Bank in 2025. | $12 | -56% | $704M | $704M | 0.9x | - | ||
| BFF Bank SpA is an independent specialty finance company engaged in three business units; Factoring & Lending BU, which offers products such as non-recourse factoring, lending, and credit management mainly to public sector suppliers and public administration bodies, Securities Services BU, which deals with custodian banking for investment funds and related services such as fund accounting, and transfer agents for national managers and banks and for various investment funds such as pension funds, mutual funds and alternative funds, and Payments BU, which deals with payment processing, corporate payments, and cheques and bills and has as customers medium-small Italian banks, medium-large companies and boasts a partnership with Nexi. | $3 | -79% | $481M | $913M | 2.1x | - | ||
| Generalfinance is an Italian financial intermediary based in Milan that provides factoring and tailored financing to small and medium-sized companies, with a specialism in distressed and turnaround situations. Its clients are mainly manufacturers and wholesalers, which together account for most of its revenues. The shares trade on Euronext Milan after a public offering priced at EUR 7.20 per share in June 2022. Massimo Gianolli is chief executive. In June 2024 it agreed to buy 96 percent of the invoice-trading platform Workinvoice, its first acquisition, but in April 2025 it announced that it would not proceed to closing because not all conditions were met. It confirmed its 2027 business plan targets at the same time. | $20 | -11% | $250M | $841M | 7.5x | 16.5x | ||
| Kruso Kapital SpA is a operator of a banking group engaged in both the collateralised loans business and the auction house market for precious metals, art objects and collector cars. | $0 | +35% | $66M | $205M | 4.9x | - | ||
| Integrated System Credit Consulting Fintech is an Italian credit management company based in Turin that analyses and buys portfolios of granular non-performing loans and recovers the receivables. The company was established in December 2019 by the retail credit experience of its parent Conafi, a listed holding company that owns more than 60% of its capital. Its services run from due diligence at the time of portfolio purchase to phone collection, home collection and legal recovery through an affiliated network of lawyers. It operates a proprietary platform, ISCC Tech, built on the Cqsweb system developed within the Conafi group together with its own customer relationship management software. The shares were admitted to Euronext Growth Milan on 22 December 2021, raising 14.5 million euros at a market capitalisation of 64.5 million euros, and now trade on Euronext Milan. Consolidated revenues were 4.84 million euros in 2022 against 1.49 million euros in 2021, and the company has about 21 employees. | $1 | -24% | $13M | $12M | 2.0x | (8.2x) | ||
| Premia Finance SpA provides credit brokerage services. The company helps banks, credit organizations, and financial institutions to connect with borrowers for various credit products such as fifth transfer, mortgages, personal loans, microcredit, loan with delegation, insurance, and others. | $1 | -46% | $2M | $3M | 0.3x | 7.8x | ||
| Median | $2 | -35% | $158M | $455M | 2.1x | 7.8x |
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