“I was Professors at the University of Trieste and Mattia (Ciprian, nrd) was my student, when the idea of the credit rating came out. We collaborated with other departments and we started developing the first model of modeFinance”. Valentino Pediroda, CEO and cofounder of modeFinance told FinTechStage team how they became the biggest fintech rating agency in Europe and one of the best finance startups in Italy. They are going to take part to the second edition of FTS in Milan and here is why: “The big problem of the Italian FinTech ecosystem is that everyone prefers to run alone and consequently the investments in the field are lower compared to other European countries. FinTechStage is an opportunity to meet all the different players of the sector”.
At the end of 2009 the team began to develop the product. “We wanted to create a rating agency from the start, but it was very hard since it was just the three of us and we needed certain certifications. So we changed a little our business model”. modeFinance, in fact, is a B2B company which offers credit ratings for the risk management. It means that you can ask them to check if your suppliers are trustworthy or not.
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“We decided to go international since modeFincance was founded. We partnered with Bureau van Dijk, which has a global database that includes over 200 million companies”.
In July 2015 the company finally was recognized as a rating agency. “The first credit rating we did to celebrate this new stage of our company was the one for Barilla”. Valentino said. “The world of the rating agencies is often unclear, the motivations for an evaluation are difficult to find. With modeFinance, we’d like to improve it, being as transparent as possible and bringing the rating culture also in the small and medium enterprises”.
Now the team is composed by 15 full time employees based in Trieste, Italy and Valentino is still working as a Professor at the University, but only part time.
“The link with the University is very strong. Out of 15 people of the team, 10 attended the Phd in Trieste”, he said proudly.
“Everyday we try to improve our product, to make it better. It’s the only way to grow and to compete at an international level”.