PitchIT No. 6 - FunniFin

In this issue, we'll take a look at Funnifin: a startup aiming to improve people's financial literacy by making learning entertaining.

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Oct 12, 2023

Hello! I’m Alessio from Ulixes Capital Partners and welcome (or welcome back) to PitchIT: a weekly snapshot describing one of the most interesting early-stage companies in the Italian startup ecosystem in 3 minutes or less. In this issue, we'll take a look at Funnifin: a startup aiming to improve people's financial literacy by making learning entertaining.

In a sentence:

A gamified financial education SaaS for financial institutions and corporate employees.

Problem:

Low financial literacy plagues Europe, where just 18% of people have a high level of financial literacy and half of millennials are financially illiterate. This poses a pressing social issue, affecting both financial institutions, as 60% of younger Europeans distrust them, and corporations, with 44% of employees spending a significant amount of time on financial worries at work, costing employers over $5,000 per employee per year in productivity losses.

Why now?

For financial institutions: The growing implementation of online banking by financial institutions and adoption by the public has emphasized the need for banks to evolve and enhance their customer engagement.
For corporates: Companies are increasingly prioritizing employee welfare and financial wellness, supported by government funding initiatives such as PNRR, which includes an allocation for 'funded training' that has increased in recent years.

Market:

FunniFin targets a substantial market, combining financial institutions' investments in customer experience software and corporate e-learning expenditures. This market presents a TAM of $240 billion worldwide, projected to grow at a 14% CAGR and reach $670 billion by 2030. In Europe, the SAM is estimated at $18 billion.

Business model:

FunniFin operates under a B2B SaaS model, where financial institutions pay a license fee (including an API set-up fee) along with variable charges based on usage. For corporate clients, the model consists of an annual, per-employee license fee.

Team:

Lapo Nidiaci, Co-Founder & CEO: Former Business Intelligence Analyst at Toyota Motor Europe in Belgium. He holds a Master's in Economics and IOT from ESCP Business School.
Leonardo Capotosto, Co-Founder & CMO: Former Financial Analyst at Amazon Luxembourg and Procter & Gamble in Geneva. He holds a Master's in Investment Banking from ESCP Business School.
FunniFin’s team also includes a UI/UX designer, front-end developer, and social media marketing specialist.

Traction/Achievements:

€150k in committed for pre-seed round from Fondazione MPS, Fondazione CRF, and business angels.
B2C app launched in July of 2022, and has surpassed 12k users.
Achieved over €75k in sales YTD, with an additional €100k in pipeline.
Accelerated by IKIGAI and NANA Bianca
Selected by ITA for the Global Startup Program 2023 in London and EY & Microsoft as one of 10 participants in their startup academy in 2022.
POC in progress with an Italian scale-up and another close to launch with Beewise.

Basic info:

Company Name: 10EF S.r.l.
Founding Date: 18/11/2021
Headquarters: Florence, Italy
P.IVA: 07140240487
Employee Count: 5 FTE
Past Investors: Fondazione MPS (IKIGAI), Fondazione CR Firenze (Nana Bianca) + group of Business Angels
Stage: Pre-seed in closing

Contact info:

For more information about FunniFin, please contact:

Corporate Email: info@funnifin.com
Lapo Nidiaci (CEO): lapo.nidiaci@funnifin.com
Leonardo Capotosto (CMO): leonardo.capotosto@funnifin.com
Phone: +39 389 160 8303
Website: www.funnifin.com

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The sole purpose of the present company assessment (the “Pitch”) is to give to the recipient some additional background elements to decide whether to proceed with an investigation of the company who is the focus of the aforementioned Pitch (the “Company”). This Pitch is based on information, data, and estimates provided by the Company which may be inaccurate and may have not been audited, and publicly available information which have not been independently verified by Ulixes Capital Partners Srl. Any estimates and projections contained herein have been prepared by the Company and involve significant elements of subjective judgment and analysis, which may or may not be correct. This Pitch should not be considered as a recommendation by Ulixes Capital Partners or the Company or any of its direct or indirect shareholders and subsidiaries to invest in or otherwise acquire any interest in the Company.