Azimut, one of the leading independent asset management operators in Europe with over €83 billion under management, participated as lead investor in the €16 million capital increase of Young Platform, the Italian fintech platform that simplifies access to the world of cryptocurrencies.
One of Italy's leading fintech scale-ups, Young Platform, incubated at I3P, aims to simplify access to the world of cryptocurrencies through a digital product platform and intensive education and outreach on blockchain technology and its applications. One of the top three cryptocurrency trading platforms in Italy with 36% market share, the company had more than 1 million users at the end of the first quarter of 2022, 11 times the previous year's volumes, and aims to become a smart digital bank with a focus on new digital services.
Azimut's €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. A pool of investors including Banca Sella and United Ventures also participated in the Azimut-led round, with the aim of supporting Young Platform's growth at an international level.
The cryptocurrency market has almost tripled its capitalisation in 2021, from $772 billion on 1 January to $2.19 trillion on 31 December, and is entering a new phase of development with growing interest from retail, and even institutional, investors. In particular, young Italians are among the most enthusiastic in Europe: 14% between the ages of 18 and 34 say they have bought or sold cryptocurrencies, and globally, more than a third of millennials believe cryptocurrencies will soon replace cash and cards.
One year on from the previous €3.5 million raised, the new capital will support Young Platform's development plans, starting with the expansion of the team - from 41 employees to 110 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 of the Azimut Group, commented: "Despite recent volatility, cryptocurrencies are emerging as a new asset class expressing the recent 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 of particular value from a growth perspective for a market segment that coincides with a new generation of investors looking to the future with financial perspectives based on instruments other than traditional ones. 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 is intended to be the basis for the development of joint projects through which we can integrate within our asset management platform a vantage point that looks at blockchain and decentralised finance as new investment and operational frontiers in the digital transformation of our industry, transcending market dynamics in the short term."
Andrea Ferrero, CEO of Young Platform, commented: "We want to help people seize the new opportunities that technology brings to the world by attracting the best talent from technology and finance, or any other industry where the smartest people in the world are, and mould them to be innovative in this new industry. There are no defined rules in this industry, which means we have the opportunity to help write them. This is a huge opportunity that requires extremely creative problem solving and a hunger to change the status quo in every aspect, from marketing to tech to customer support and design."
