Gruppo MutuiOnline
Gruppo MutuiOnline was born in 1999 thanks to an idea of its two founders, Marco Pescarmona and Alessandro Fracassi. After a study of the Italian market growth potential with regards to retail credit distribution, they devise a business plan focused on the distribution of mortgages through the Internet.
In 2000, the Group launches its first web site, www.mutuionline.it, dedicated to the intermediation through the Internet of retail mortgages; in 2001 the second web-site www.prestitionline.it is launched, this one dedicated to the on-line distribution of retail credit products. In 2006 a new business line is launched, branded "CreditPanel", dedicated to the physical distribution of mortgages through independent introducers on the territory.
Between 2001 and 2003, leveraging on the market and technological competences developed, the Group launches a new financial services business: outsourcing for financial institutions of packaging, underwriting and closing services for mortgages. In 2002, Stefano Rossini joins the Group, mainly with responsibilities related to the set-up and business development of the outsourcing business. In 2006, the Group extends its outsourcing services to salary guaranteed loans.
Today the Group operates through two independent divisions: the "Broking Division", operating in the Italian market of retail credit products distribution, and the "BPO Division" (business process outsourcing), operating in the Italian market of credit-related business process outsourcing services for banks and financial intermediaries.
Since 6th June 2007, Gruppo MutuiOnline S.p.A. has become a public company, quoted on the Italian Stock Exchange (Mercato Telematico Azionario, STAR segment). As of 30 June 2008, main shareholders of Gruppo MutuiOnline are the management (Group founders with 32,2% and Stefano Rossini with 4,3%), Parvus Asset Ventures (hedge fund with 10,3%), Capital Research & Managament Company (mutual fund with 8,0%), Nestor 2000 and Jupiter Ventures (venture capital funds, pre-IPO investors, with 11,4% and 5,5% respectively).
The Board of Directors of the Group is composed by - beyond the founders, Stefano Rossini and the venture capital funds representatives - high profile independent Directors: Alessandro Garrone (CEO of ERG Petroli S.p.A.), Andrea Casalini (CEO of Buongiorno S.p.A.) and Paolo Vagnone (Country Manager for Italy of Fortress Investment Group).
Group results
Throughout the years, the Group has recorded a continuous and significative increase of its client base. In particular, in 2007, the number of mortgage applications collected through the www.mutuionline.it site was above 65,100 units and the number of personal loans applications collected through the www.prestitionline.it site was above 67,300 units. Always in 2006, the Group brokered more than 1,2 billion euros of mortgage flows (almost 90% of that through the Internet) and more than 180 million euros of personal loans, with an annual increase on 2006 of 72% for mortgages and 92% for personal loans.
In 2007, Group organization relied on more than 280 FTE (average 2007 number), with an increase of more than 40% versus 2006 average.
Group consolidated revenues, according to IFRS standards, were above 37,6 million euros in 2007. IFRS consolidated net income was above 9,7 million euros. Group net financial position was positive (negative net debt) and growth was financed by re-investment of operating cash-flows.
Group lending clients
Through the sites www.mutuionline.it and www.prestitionline.it the consumers can freely compare and submit a loan application to a wide number of primary lending institutions, taking advantage of discounted economic conditions and/or exclusive ones. Today, 38 mortgage lending institutions and 17 consumer credit products institutions rely on the Group broking services. Hereafter, the list of the 38 lending institutions distributing their mortgages through the www.mutuionline.it site: Banca Agricola Mantovana - Gruppo Monte dei Paschi di Siena, Banca Antonveneta S.p.A., Banca Carige, Banca Caripe - Gruppo Banco Popolare, Banca CR Firenze S.p.A., Banca Lombarda Private Investment, Banca Monte dei Paschi di Siena, Banca BNL - Gruppo BNP Paribas, Banca Popolare di Bari, Banca Popolare di Crema - Gruppo Banco Popolare, Banca Popolare di Cremona - Gruppo Banco Popolare, Banca Popolare di Lodi - Gruppo Banco Popolare, Banca Popolare di Mantova - Gruppo Banco Popolare, Banca dell'Adriatico - Gruppo Bancario Intesa Sanpaolo, Banca Sella, Banca Sella Sud Arditi Galati, Banca Toscana - Gruppo Monte dei Paschi di Siena, Banca UCB - Gruppo BNP Paribas, Banca Woolwich, BancApulia, Banco di Sicilia - Gruppo Unicredit, Banco di Napoli - Gruppo Bancario Intesa Sanpaolo, Barclays Bank, BHW, Bipop Carire - Gruppo Unicredit, Cassa di Risparmio in Bologna S.p.A. - Gruppo Bancario Intesa Sanpaolo, Cassa di Risparmio di Lucca Pisa Livorno - Gruppo Banco Popolare, Cassa di Risparmio di Padova e Rovigo S.p.A. - Gruppo Bancario Intesa Sanpaolo, Cassa di Risparmio di Parma e Piacenza S.p.A., Cassa di Risparmio di Venezia S.p.A. - Gruppo Bancario Intesa Sanpaolo, CheBanca! - Gruppo Mediobanca, Credem, Friulcassa S.p.A. - Gruppo Bancario Intesa Sanpaolo, GE Money Bank, ING Direct, Sanpaolo - Gruppo Bancario Intesa Sanpaolo, Unicredit Banca di Roma, Unicredit Banca per la Casa.Hereafter, the list of the 17 lending institutions distributing their consumer credit products through the www.prestitionline.it site: Agos, Citifinancial, Consel, Consum.it, CrediAgile, Credial, Credit Lift, Deutsche Bank Mutui, Equilon, Fiditalia, Findomestic, Futuro, GE Money Prestiti Garantiti, Ktesios, Neos Banca, Sigla Credit, Woolwich.
Management team
Marco PescarmonaMr. Pescarmona graduated cum laude with a degree in electrical engineering from the Turin Polytechnic Institute in 1993, and holds a second degree in information sciences from the University of Turin, from which he graduated cum laude in 1996. He also earned in 1998 an MBA from the MIT Sloan School of Management in Cambridge, Massachusetts.
He worked as a consultant in the Milan office of McKinsey & Company, focusing on the insurance and banking industries. Formerly he worked in the Fixed Income Derivatives desk of Morgan Stanley in London.
In 2000, Mr. Pescarmona founded Gruppo MutuiOnline together with Alessandro Fracassi, and is currently its Chairman of the Group and CEO of the Broking Division.
Alessandro Fracassi
Mr. Fracassi graduated cum laude from the Milan Polytechnic Institute in 1994 with a degree in management engineering. He also earned in 1998 an MBA from the MIT Sloan School of Management in Cambridge, Massachusetts.
He worked as a consultant for Booz, Allen & Hamilton Italia Ltd., focusing on the aerospace industry and in the operations practice of the Chicago office of Booz, Allen & Hamilton Inc.
In 2000, he and Mr. Pescarmona founded Gruppo MutuiOnline, in which Mr. Fracassi currently holds the position of Chief Executive Officer of the Group and CEO of the BPO Division.
Roberto Anedda
Mr. Anedda graduated cum laude from the University of Cagliari in 1990 with a degree in economics.
He worked as a product manager in the marketing division of Smithkline Beecham and as a brand manager in Johnson Wax. In 1999 he worked as group product manager at Abbey National Bank in Italy.
Mr. Anedda has been the marketing director of Gruppo MutuiOnline since 2000.
Giuseppe Spagoni
Mr. Spagoni graduated from the Milan Polytechnic in 1992 with a degree in electrical engineering.
He worked as a technology manager at Centro Editoria Elettronica Europa, as technology manager at Nexus for Aditarget, and as a C++ developer, and subsequently, as project manager and Lotus Notes developer, at Etnoteam.
Mr. Spagoni has been the Chief Technology Officer of Gruppo MutuiOnline since 2000.
Francesco Masciandaro
Mr. Masciandaro graduated cum laude in 1999 with a degree in economics from Bocconi University in Milan.
He worked as an auditor at Arthur Andersen in the Italian Product and Services practice. In 2003 he joined Società Interbancaria per l’Automazione (SIA) within the Administration department, Fiscal and Corporate Affairs area, with responsibilities related to the supervision of subsidiaries administration areas, drafting of consolidated financial statements, and management of fiscal matters.
Mr. Masciandaro has been in charge of Group Finance and Administration since 2006.