Sella Group-backed Fabrick to form a joint venture with illimity Bank.

Sella Group-backed Fabrick, an Italian financial services company, is set to form a joint venture with illimity Bank, an Italy-based bank, which operates also under the brand Banca Interprovinciale. Financial terms were not disclosed. “Technology, user experience, economies of scale and, above all, how quickly they can be achieved, are crucial success factors. Just as in the direct digital banking segment, illimity has strongly innovated and will continue to do so by expanding its field of action, in the non-banking segment we were delighted to take this opportunity to partner with the Italian leader to become a true industry benchmark. We are already closely linked to the Sella Group by technological collaboration and we are particularly pleased that it has decided to consolidate a long-term relationship between us also through an investment in illimity share capital,” Corrado Passera, illimity Founder and CEO.