Startups, SMEs, professionals, this is the market that Tot, the fintech that offers banking, financial and accounting services designed for small companies, is looking at: “our main target is companies that have about 10 employees,” CEO and co-founder Doris Messina tells Startupbusiness. Tot has been operational since April 2022 and founding it together with Messina, who has experience in the banking world having worked for many years in Banca Sella, is Bruno Reggiani, who instead developed his skills in the fintech world with a passion for venture capital. Reggiani led German fintech Penta in its Italian venture . Tot provides a series of services starting from the current account to include payments, accounting, relying on Banca Sella, which is also a shareholder of the fintech: “we have chosen to start with a light structure with the configuration of agents in financial activity, and therefore relying on an external bank, in order to be both fully compliant with the regulations, is extremely flexible, fast and provide our services at costs that are competitive for the customers we serve – adds Messina – our goal is to fill that market gap that sees small companies as an atypical customer who is therefore neither the large organization nor the private and therefore often traditional banks tend to look at with less attention, with Tot we have built a service designed just for them, to make their lives easier, to meet the needs that a small Italian business actually has both from a banking and accounting point of view, with a certain level of integration with tax flows”. In practice, therefore, Tot works in concert with banking institutions, it plans to add other suppliers alongside Banca Sella, and to make them usable through an entirely digital platform to the customers of the target audience “Tot is today an example of the concept of banking-as-a-service – explains Reggiani, who is COO of the startup – we are a tech company that offers a fintech service that includes a current account, access to the tax drawer, the ability to read invoices, the management of payments such as Riba, F24, bank transfers, credit cards, and even cash deposits thanks to the agreement with Banca Sella and its branches”.
Bank for startups, SMEs and professionals
The services of Tot, which today has about three thousand customers, are offered with three package formulas that include a certain number of transactions and that are calculated on a monthly basis: “the Essentials package is the entry level one and has a cost of 7 euros per month plus VAT with the possibility of canceling at any time and having a 30-day trial – explains Reggiani -, then there is the Plus package of 15 euros per month, always more VAT which includes administration services and then the Premium package which costs 39 euros per month to which it is always necessary to add VAT, which is designed for teams, therefore for structures that have greater organization also in the management of accounting and administrative aspects”. To date, the startup has raised total investments of six million euros in both equity and debt and has among its partners, in addition to the two co-founders, also The Techshop , the aforementioned Banca Sella, the Ulixes Capital Partners fund (already an investor in companies such as Contents.com and Cubbit) and a business angel who has a lot of experience in fintech: Paolo Galvani who was co-founder of Moneyfarm. Tot now has a staff of about 20 people, has its offices in Milan and aims to consolidate its position as a reference for financial, banking, accounting services for small businesses, including startups, and professionals: “Our goal for the coming months is to continue to grow on the Italian market – adds the CEO – we plan to open a Serie A round towards the end of the year and also to work with the world of associations as well as intercepting the approximately 500 thousand VAT numbers that open in our country every year”.
ALL RIGHTS RESERVED ©