Italy: lending & credit regulation

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Italy: Licensed intermediaries only; no standalone fintech credit licence

Lead regulator: Banca d'Italia
Also involved: IVASS (insurance-linked credit) · CONSOB (securities-backed credit) · AGCM (consumer protection)
Core law: Legislative Decree 385/1993 (TUB)
Entry capital: EUR 123,000 (IMEL)
Approval timeline: 6-12 months for IMEL registration
Customer assets: Segregated or held by licensed custodian
Data protection: GDPR + D.Lgs 196/2003 · Garante Privacy
Sandbox: No

Italy strictly reserves consumer and SME lending to licensed banking and financial intermediaries. There is no specific 'fintech' or 'P2P' credit licence; platforms must operate as IMELs (Intermediaries in Financial Operations) or banks. The regime is heavily supervised by Banca d'Italia under the Banking Act (TUB), with strict transparency and usury laws enforced via TEGM caps.

Which licence do you need?

Your activity	Requirement	Capital	Timeline	Authority
Consumer lending	LicenceIMEL (Intermediary in Financial Operations)^[1] Must register in special register; subject to TEGM usury caps	EUR 123,000	6-12 months	Banca d'Italia
SME / commercial lending	LicenceIMEL or Bank^[1] Commercial lending requires full financial intermediary status	EUR 123,000 (IMEL)	6-12 months	Banca d'Italia
Microfinance	LicenceIMEL^[2] Non-profit entities have strict quantitative limits	EUR 123,000	6-12 months	Banca d'Italia
Buy-now-pay-later	LicenceIMEL Treated as consumer credit; requires TEGM compliance	EUR 123,000	6-12 months	Banca d'Italia
P2P lending platform	LicenceIMEL^[1] No specific P2P law; platform must be licensed intermediary	EUR 123,000	6-12 months	Banca d'Italia
Credit bureau / scoring	Uncertainverify with regulator Scoring is internal; external bureaus regulated under GDPR	—	—	—
Debt collection	LicenceIMEL^[3] Servicers must maintain organizational control	EUR 123,000	6-12 months	Banca d'Italia

New — what changed recently

2025-02-11Supervisory provisions for NPL management — New Chapter II, Title V of Banking Act implemented for NPL management^[4]
2022-01-12Guidelines for CQS/CQP loans — Emphasis on rigorous creditworthiness for salary/pension-backed loans^[5]

Market-entry checklist

1Register as IMEL with Bank of ItalySubmit application to special register with EUR 123,000 capital proof
2Establish internal control systemsImplement risk management frameworks per Circular 285
3Comply with TEGM usury capsCalculate APR and ensure rates do not exceed published TEGM thresholds
4Set up data protection complianceAlign with GDPR and Garante Privacy requirements for credit data

Sources

Bank of Italy Circular No. 285 of 17 December 2013 · 2026-02-05
CICR Deliberation of 9 February 2000: Regulation of Non-Bank Financial Subjects · 2000-02-09
Servicers in Securitization Transactions: Risk Profiles and Supervisory Guidelines · 2021-11-11
Supervisory provisions for the management of non-performing loans · 2025-02-13
Communications - Communication of 12 January 2022 · 2022-01-12

This guide is compiled automatically from 5 primary-source documents published by Italy's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.