Flowe has announced the selection of SIA to provide digital banking services including e-money, payments, current accounts, loans and savings management.
Flowe is part of the Mediolanum Group, an Italian e-money institution. SIA is a European hi-tech company in the payment services and infrastructures sector controlled by CDP Equity.
The banking services may be accessed via the Flowe App, available on Apple Store and Google Play Store, which allows users to activate a payment account and to access the Flowe virtual debit card, recently launched in Italy.
According to Flowe, in addition to supporting Flowe in its activities for compliance with the regulations required to operate as an Electronic Currency Institution, SIA has also provided access to payment services and other applications.
Flowe points out that its physical card is made of environmentally sustainable materials while guaranteeing customers the full functionality of payment services, both in traditional and contactless mode, through the Mastercard circuit.
Ivan Mazzoleni, “Cultural Energy Orchestrator” and CEO of Flowe, explains that his company is targeting younger generations who have lived in a digital environment since birth and are resistant to traditional credit institutions:
” The Flowe card responds to these new needs: experience of use and speed of transfer. We have gone beyond payment services alone and wanted to build a different and more evolved product which, to the features of simplicity and speed, would also add sustainability, an important aspect for new generations. For every wooden card sold, we will plant a tree. And not only that, the social behavior and the purchases made will be read from a carbon footprint viewpoint and Flowe has a function that offers the possibility to offset it by planting trees.”
Nicola Cordone, CEO of SIA, says the partnership with Flowe is indicative to how Italy is moving towards a cashless society and possesses the infrastructure to compete in the European market:
“The partnership with Flowe strengthens the collaboration with Mediolanum Group and confirms SIA’s ability to accompany the digital transformation of financial institutions, corporates, and public sector organizations through the development of innovative services such as digital onboarding and e-commerce, thus increasingly encouraging the adoption of electronic payments with particular attention to the environmental aspects.”