Baker McKenzie has advised Ratepay GmbH on the EUR 125 million securitization of its German and Austrian BNPL portfolio. The arranger and investor of the transaction is UniCredit Bank GmbH.
In the transaction, Ratepay securitizes payment-on-invoice receivables, the second-strongest payment method in the DACH e-commerce market. One in four consumers pays on invoice when shopping online. The transaction was structured to comply with the "Simple, Transparent and Standardized" (STS) criteria of the EU securitization regulation.
"We are very pleased that we were able to fully support Ratepay in this important and complex transaction. This is Ratepay's first STS securitization and will enable our client to grow strategically and refinance additional portfolios in the future", commented Sandra Wittinghofer, Partner in Frankfurt, lead partner on the transaction.
Ratepay is Europe's leading expert for white-label Buy Now Pay Later ("BNPL") payment solutions. Specializing in invoice, installment and direct debit payments, Ratepay enables e-commerce merchants and their customers to enjoy a smooth and secure checkout process. The focus on white label allows merchants to retain control over customer data and communication and to focus on their own brand in the payment process.
Ratepay GmbH was founded in Berlin in December 2009 and employs more than 200 people. It is part of the Nexi Group.
With the legal support on this transaction, Baker McKenzie is continuing its successful cooperation with Ratepay, whom it has already advised on other forms of financing.
In addition, Baker McKenzie regularly advises banks and corporates, arrangers, sponsors and originators on all aspects of complex domestic and cross-border securitization structures across all asset classes.
Legal advisor to Ratepay:
Baker McKenzie
Lead: Banking & Finance: Sandra Wittinghofer (Partner, Frankfurt)
Team: Banking & Finance: Dr. Robert Wippel (Partner, Wien), Esther Kapern (Associate, Frankfurt)
About Baker McKenzie
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