RegAlert

Italy: lending & credit regulation — 2026-08

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Italy: Licensed intermediaries only; no standalone fintech credit licence

Frozen snapshot — the guide as it stood at the end of 2026-08. See the live guide for the current state.

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 activityRequirementCapitalTimelineAuthority
Consumer lendingLicenceIMEL (Intermediary in Financial Operations)[1]

Must register in special register; subject to TEGM usury caps

EUR 123,0006-12 monthsBanca d'Italia
SME / commercial lendingLicenceIMEL or Bank[1]

Commercial lending requires full financial intermediary status

EUR 123,000 (IMEL)6-12 monthsBanca d'Italia
MicrofinanceLicenceIMEL[2]

Non-profit entities have strict quantitative limits

EUR 123,0006-12 monthsBanca d'Italia
Buy-now-pay-laterLicenceIMEL

Treated as consumer credit; requires TEGM compliance

EUR 123,0006-12 monthsBanca d'Italia
P2P lending platformLicenceIMEL[1]

No specific P2P law; platform must be licensed intermediary

EUR 123,0006-12 monthsBanca d'Italia
Credit bureau / scoringUncertainverify with regulator

Scoring is internal; external bureaus regulated under GDPR

———
Debt collectionLicenceIMEL[3]

Servicers must maintain organizational control

EUR 123,0006-12 monthsBanca 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

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

Sources

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