Reinventing financial services for SMEs: Tot

SME Banking
04/05/2023 Interview
profile picture of Bruno Reggiani

Bruno Reggiani


COO and Co-Founder

We often read that the offers of traditional banks are not adapted enough to SMEs. So, we set out to discover new players dedicated to SMEs. Bruno Reggiani, COO and Co-Founder of Tot, gives us his point of view and shares with us what offers its customers.

In which countries do you operate and how do you perceive the banking offer to SMEs there? In your opinion, does the offer from existing financial institutions meet the needs of SMEs?

We operate in Italy and notice that the market is still anchored in old dynamics, with high costs and poor access by professionals and microenterprises to financial solutions.

What is your business model and your core value proposition for SMEs?

Tot was created with the mission to support and guide the digitalization of microenterprises and professionals, starting with simplifying the financial and administrative management of their business through the creation of a 100% digital solution that enables end-to-end management of business finance in a simple and intuitive way. Today, Bank accounts are a necessity to operate, but they are way far to be useful. We want to fix this

How’s the experience at Tot different compared to other players? What are the unique features you offer to your customers?

Tot is the first 100% digital Italian fintech to have created a complete business digital banking service including native F24 debit and credit (Italian payment form), pagoPA (Italian payment for digital administration), SDD and RiBa (bank receipt / direct debit), and to offer access to credit through a dual-mode business credit card that allows intelligent switching from credit to debit mode.

We are creating a 360° challenger banking platform that brings banking, admin and credit all together, benefiting a community of over 1,500 entrepreneurs that help us co-create the solution.

Furthermore, Tot grants access to the Italian ‘Tax vault’, hence, thanks to electronic invoices, we don’t need to integrate or directly manage invoices. SMEs keep on using what they are used to, and we gather everything automatically in our platform, with no integration needed. We manage information and organize pre-accounting for them, effortlessly. The service where taxpayers can find tax information and business documentation.

In addition, we offer our customers a constantly evolving partner ecosystem that allows them to access services for their business with exclusive promotions.

In five years we want to become a one-stop solution for small businesses, helping them to access financial solutions and providing administrative and credit solutions.

In five years we want to become a one-stop solution for small businesses, helping them to access financial solutions and providing administrative (e.g. invoices management) and credit solutions (credit card and lending).

Being a banking provider without physical branches, customers only interact with you remotely. How do you ensure an excellent sales and service model leading to a great customer experience with interactions being 100% digital?

We provide an excellent customer experience through a 100% digital experience that includes the option for the customer to talk directly with an operator (not a bot) through a live chat available from the beginning of the onboarding process. They can always talk with a banking expert, a Tot employee working directly with us with a response time of under ten minutes.

Where do you see Tot in five years? What impact or difference are you trying to achieve for small business owners in your portfolio?

In five years we want to become a one-stop solution for small businesses, helping them to access financial solutions and providing administrative (e.g. invoices management) and credit solutions (credit card and lending).

We aim to make finances easier for small companies in order to help them grow their business.

Can you specify some major milestones accomplished on your institution’s journey?

Some of the major milestones we have completed in this first year since the official launch are:

  • Creating a community of more than 1,500 entrepreneurs who help us build Tot with insights and advice
  • More than 1,700 paying active customers
  • First Italian neobank to provide native F24 payments (Italian tax form), even with delegation to the accountant and other peculiar Italian payment methods
  • First Italian neobank to provide a credit card
  • First Italian neobank to provide RiBa (bank receipt / direct debit) payments
  • Access to tax box invoices and receipts directly from Tot account.

Download Tot's presentation to learn more

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