Technology is increasingly being used to support the delivery of financial services, generating huge growth in the fintech market. Mobile apps allow consumers to manage their finances at the touch of a button, enterprise platforms help providers lower fraud risk, and global payment platforms and new business models present exciting opportunities for suppliers, customers and investors in the sector.
However, the speed of these developments mean that banks, financial service providers and the emerging fintech companies have to deal with a multitude of constantly shifting regulatory requirements. An increasing focus on protection of customer data through the launch of the GDPR, IT security initiatives including KRITIS and the NIS Directive, or international regulatory harmonisation through PSD2 and MiFID II are just a few of the regulatory hurdles that face companies operating in the sector.
Our fintech specialists advise both new entrant fintech companies as well as established banks and financial service providers The team provides a wide variety of advice on current and emerging technologies covering core areas such as M&A, equity financings and corporate restructurings, financial services regulation, data protection and privacy, employment and tax. We also have expertise in specialist topics like aggregators & market platforms, crowdfunding, digital exchange platforms, mobile payment technologies, mobile-based fraud detection technologies and regulatory issues relating to mobile payments, websites & promotions.
Investors into Flatfair, a London-based fintech that lets landlords offer “deposit-free” renting to tenants, as it raises USD11m in order to expand its platform.
MarketInvoice on a complex co-operation and referral agreement between them and Barclays. The agreement entails Barclays referring eligible business banking customers to MarketInvoice to benefit from their services. At the same time MarketInvoice received a GBP10m investment loan note and warrant investment from Barclays. This was a high profile deal, game changing for both parties.
We advised on the 80% sale of Bitstamp to Brussels-based investment firm, NXMH. Founded in the UK in 2011, Bitstamp is the world's longest standing cryptocurrency exchange and the EU's largest by volume, with more than three million registered customers.
Press releaseMonese, the app-based banking service which offers current account and money transfer services on its latest funding round. Investors include PayPal, International Airlines Group via its loyalty and data business Avios Group, Kinnevik and Augmentum Fintech. Monese offers its users the ability to open a UK bank account without the requirment of holidng a UK address.
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