The Bank of Italy’s second survey of Italian fintech firms outside financial supervision finds that technological capabilities and links with traditional intermediaries coexist with difficulties in financing growth and bringing products to market at scale. Conducted in 2026 with reference to 2025, the survey received responses from 157 of 336 identified firms. Participation was voluntary, so the findings describe respondents rather than necessarily representing the entire sector. Changes in respondents and some questions also limit comparisons with the previous edition. Among respondents, 73% primarily serve other businesses and 66% collaborate with at least one supervised intermediary, underscoring their role as suppliers to the financial system rather than an alternative to it. Artificial intelligence remains the most widely used technology, adopted by 70%. However, 84% identify their own funds as a principal financing source, and 64% invest less than EUR 200,000 annually in fintech products and services. About 60% identify large clients’ procurement processes as a principal scaling barrier. The share abandoning projects rose to 26% from 16%, mainly because of insufficient funding and limited market interest. An increase also occurred among firms participating in both editions. Regulation creates costs but also helps establish trust with supervised clients and partners. Some 56% assess its impact on operating costs negatively, while 50% report a negative effect on time to market. Requirements concerning digital operational resilience and, in many cases, anti-money laundering may affect these firms indirectly through obligations passed on by supervised counterparties, rather than through direct application. Compliance management relies exclusively on external advisers at 53% of respondents, up from 31% in the previous survey, with a smaller increase also evident among repeat participants.

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