Fintech startup from Milan, Tot, closes €2 million funding ahead of 2022 market entry

Tot, a new fintech banking platform, aims to digitize administrative and financial management for professionals, freelancers, and microenterprises. The mission of Tot is to create a platform to accompany self-employed professionals or small business owners in the different phases of business management, keeping them digitally connected with their accountants, bank, customers and suppliers. 

The Milan based company, founded in 2020, has a goal to free up small business’ precious time, to give them more space to easily monitor and manage their expenditure, collection and earnings, and give a timetable to set aside provisions for taxes. 

The international evolution of the fintech market which has so far impacted the payments sector, is now beginning to shape services dedicated to microenterprises and professionals. Italy’s fintech sector is proving a growing space to seize market opportunities in this sphere. 

Tot, founded by Doris Messina (current Chief Digital Transformation Officer of Banca Sella),  Bruno Reggiani (former Country Manager Italy of Penta), and  Andrea Susta (formerly in the Digital Marketing team of Fabric), has been developed with the belief that small businesses are crucial to the economy. Tot will give small companies access to advanced administration and planning resources they need to grow. As a result, these businesses will be able to enjoy more success and keep local economies healthy. 

In Italy alone there are over 821k micro enterprises, the target market of Tot, equal to 79.5% of total companies. In addition to the over 5 million self-employed in Italy, this cohort represents an enormous pool of users that until now has been underserved by traditional financial institutions, and are left behind in the digitalisation movement. Due to the lack of a targeted product offer, these businesses do not yet see digitalization as a priority. As a result, they risk losing efficiency and competitiveness in the medium term.

This strong market potential, combined with the skills and experience of its three founders, has enabled Tot to close a first seed funding round of €2 million, led by Banca Sella, ahead of actual market entry (scheduled starting from Italy for early 2022). With the funding, the fresh fintech company aims to expand further across Europe. 

Doris Messina, CEO and Co-Founder of Tot, said: “We are thrilled to have the opportunity to generate added value by bringing services to the market that we hope will quickly contribute to improving the lives of small businesses by supporting their development”.