Allfunds has purchased Iccrea Banca’s local paying agent business

London-based B2B wealthtech platform, Allfunds Group, has reached an agreement with Italy’s BCC Iccrea Group to acquire the local paying agent business of its parent company, Iccrea Banca.

The move aims to strengthen Allfunds’ position in Italy as a local paying agent business and enhance its partnership with an important financial institution in the country.

Italy is described as one of Allfunds’ core markets, and this acquisition will further solidify its presence in the wealthtech segment for Italian institutions.

The deal aligns with BCC Iccrea Group’s strategy to support asset management projects and provide greater access to financial markets for its cooperative credit banks.

The transaction is expected to be completed before the end of the year, pending customary closing conditions.