Inspired by progressive rock acts from England, in particular Gentle Giant, Jethro Tull and Emerson, Lake & Palmer, keyboardists Vittorio Nocenzi and his brother Gianni founded Banco del Mutuo Soccorso in Rome, Italy.

(Requiescant in pace)", "Il giardino del mago" and "Metamorfosi", immediately attracted the attention of the public of the nascent progressive rock scene in Italy.

In 1973 Io sono nato libero increased their notoriety thanks to the single "Non mi rompete", an acoustic ballad with poetic dreamy lyrics.

The most prominent features of their sound are the complex textures provided by the piano, Hammond organ and synthesizers played by the Nocenzi brothers, along with the vocals of former frontman Francesco Di Giacomo.

The late 1970s saw Banco del Mutuo Soccorso going in new directions, with a film soundtrack in 1976's Garofano rosso and recordings with an orchestra in 1978's ...di terra.

On July 20, 2022 the band's official Facebook page announces the release of the single "Cadere o Volare" for July 22, which anticipates the release of the album Orlando: Le Forme dell'Amore, a concept album on the chivalrous poem Orlando Furioso by Ludovico Ariosto, for 23 September.