ION Group has announced plans to acquire a stake in Italian digital challenger bank, illimity Bank S.p.A. (BIT:ILTY). ION Group is expected to acquire a 9.99% stake in the lender. Illimity reported a net profit of EUR 31.1 million in its 2020 full-year results. The bank is hopeful that a new IT platform licenced from ION Group will generate revenues of EUR 90 million by 2025.