Illimity Bank

Illimity is an Italian banking brand headquartered in Milan. It emerged from Spaxs, a financial-sector special-purpose acquisition company founded by former minister Corrado Passera in January 2018. Spaxs acquired a controlling interest in Banca Interprovinciale in 2018, and the combination of the two entities created illimity, whose name was announced that year. The bank was built around technology-enabled financial services and a specialist approach to businesses, particularly small and medium-sized enterprises (SMEs) with growth potential, complex financing needs, or restructuring and relaunch requirements. The business has offered corporate banking and investment banking, as well as services connected with turnaround situations and credit opportunities. Its corporate-banking offer is described as tailored financial support for businesses undertaking investment, acquisitions, growth, or complex restructuring. The wider group’s activities have included management of corporate distressed credit and real-estate assets through ARECneprix, alternative investment fund management through illimity SGR, and asset-sale services through Abilio and the Quimmo platform. These associated activities should be distinguished from the bank’s own core banking offer. Illimity has also served retail customers through a digital-banking proposition. The official company profile describes current accounts, deposit accounts, payment cards, and an online-banking platform for managing personal finances. Its retail digital-banking presence has been associated with illimitybank.com. The company’s ownership and corporate context changed in 2025, when Banca Ifis acquired all of illimity’s share capital through a public offer. The official website now presents illimity within the Banca Ifis Group and refers to a merger by incorporation of illimity into Banca Ifis. The brand and its digital banking offer have continued to be referenced during this transition. The supplied sources do not establish a precise completion date for the incorporation, so this dossier describes illimity as a Banca Ifis subsidiary and notes the announced corporate transition without asserting that the merger has been completed.

Illimity’s origins lie in Spaxs, a financial-sector SPAC founded by Corrado Passera on 18 January 2018 and listed on AIM Italia. During its February 2018 placement, Spaxs raised capital, and in September it acquired 99.2% of Banca Interprovinciale, a small bank based in Modena. Spaxs and Banca Interprovinciale were subsequently combined to create illimity; the name had been announced in August 2018. The new bank was conceived as a digitally oriented institution serving SMEs with potential that might have difficulty obtaining suitable financing, as well as businesses facing restructuring or requiring support for development. Illimity moved from AIM to the main market of Borsa Italiana on 5 March 2019. The supplied Wikipedia entry reports that its ordinary shares joined the STAR segment in September 2020. The company expanded into related credit and asset-management activities through group entities and investments: neprix was established in April 2019 to manage difficult credits; in January 2020 illimity acquired a 70% stake in IT Auction; and in September 2020 it entered a joint venture in fintech company Hype with Fabrick, part of the Sella Group. Abilio, focused on selling real and instrumental assets from insolvency and enforcement procedures, leasing companies, and voluntary sales, was established in April 2022. In 2023 illimity acquired AREC, which was incorporated into neprix to form ARECneprix. Alongside business banking, illimity developed a digital retail proposition under the illimitybank.com name, including accounts, payment cards, and online banking. The official company profile characterizes the bank as a challenger bank under Banca Ifis Group control and describes its technology and digital orientation as central to its model. In 2025 Banca Ifis acquired 100% of illimity’s capital through a public offer. The official illimity website now identifies the Banca Ifis Group and links to information about the incorporation merger of illimity into Banca Ifis. The available evidence supports describing this as an announced corporate transition, but does not specify its completion date. The bank’s current public-facing materials continue to describe corporate banking, turnaround and credit opportunities, investment banking, and a digital retail-banking presence.

• 2025

  Banca Ifis obtains full ownership

  In 2025 Banca Ifis acquired 100% of illimity's capital through a public offer; the official website now presents illimity within the Banca Ifis Group and refers to a merger by incorporation into Banca Ifis.

• 2023

  AREC acquired and combined with neprix

  In 2023 illimity acquired AREC, which was incorporated into neprix to form ARECneprix.

• 2022

  Abilio established

  Abilio, focused on selling real and instrumental assets from insolvency and enforcement procedures, leasing companies, and voluntary sales, was established in April 2022.

• 2020

  Acquires 70% of IT Auction

  In January 2020 illimity acquired a 70% stake in IT Auction.

• 2020

  Shares enter the STAR segment; Hype joint venture agreed

  In September 2020 illimity's ordinary shares joined the STAR segment, and the bank entered a joint venture in fintech company Hype with Fabrick, part of the Sella Group.

• 2019

  Moves to the main market of Borsa Italiana

  Illimity moved from AIM to the main market of Borsa Italiana on 5 March 2019.

• 2019

  Neprix established

  neprix was established in April 2019 to manage difficult credits.

• 2018

  Spaxs founded

  Corrado Passera founded the financial-sector SPAC Spaxs on 18 January 2018; it was listed on AIM Italia.

• 2018

  Spaxs raises capital in its placement

  Spaxs raised capital during its February 2018 placement.

• 2018

  Illimity name announced

  The illimity name was announced in August 2018.

• 2018

  Spaxs acquires Banca Interprovinciale

  In September 2018 Spaxs acquired 99.2% of Banca Interprovinciale, a small bank based in Modena; the two were combined to create illimity.

A technology-oriented Italian challenger bank combining specialist corporate and investment finance with digital retail banking.

• Corporate Banking

  Financial services for companies, including tailored solutions for investment, acquisitions, growth, and complex restructuring.

• Investment Banking

  An investment-banking service area identified in the official website materials.

• Turnaround & Credit Opportunities

  A specialist area identified in the official website materials.

• Digital retail banking

  Digital current and deposit accounts, payment cards, and home banking.

• Change of control and incorporation-merger processOther

1. 1Banca illimity: specialisti del credito per le impreseillimity.com
2. 2Chi siamo: profilo e obiettivi | illimityillimity.com
3. 3Corporate banking: tutti i nostri servizi | illimityillimity.com
4. 4Illimityit.wikipedia.org
5. 5Illimity Bankwikidata.org