Annerton successfully advises Berlin FinTech Vanta regarding the creation of a smart corporate credit card
Munich / Berlin, 23 June 2020 – Annerton Rechtsanwaltsgesellschaft mbH law firm, a company that specialises in regulatory law for the financial industry, has successfully advised Nufin GmbH, a company acting under the brand name Vanta (highly funded with around 10 million euros in its founding phase) with respect to the creation of a new smart corporate credit card solution. With this new credit card platform, Vanta will primarily focus on dynamic SMEs and start-ups.
The Annerton team of founding partner Dr. Susanne Grohé advised Nufin GmbH from the beginning with regard to the implementation of their vision for Vanta to create a next generation corporate credit card program. This card will enable companies to easily manage corporate expenditure via the platform. The initiative is particularly exciting due to the fact that unlike other corporate card solutions offering prepaid cards, the Vanta corporate credit card is a so-called “charge card” that does not require uploading funds first. The Vanta platform enables companies to manage the budgets of individual cards and therefore ensures transparency regarding costs as well as simple processing. With this, Vanta addresses fast-growing start-ups’ and SMEs’ need for more simple online payment transactions.
“With Annerton and their team of lawyers supporting Dr. Susanne Grohé, we had highly specialised experts by our side whom we could rely on at every step of Vanta’s development”, says Ante Spittler, CEO at Nufin. “Their expert understanding of the industry, together with their ability to think outside the box and develop innovative solutions for new legal issues really played an important role in the implementation of our vision of a smart and complete credit card.”
Without a license of their own licence, Nufin is working together with cooperation partners for card issuing and payment processing, such as Raisin Bank AG. Vanta’s target customers are mainly young, tech-savvy SMEs and start-ups that are not easy to assess from a risk perspective.
“One of the biggest challenges we faced was to draft a set of agreements bringing all these parties together to create a legally sound product that would be attractive for future Vanta customers”, states Dr. Susanne Grohé, who was the leading adviser on the matter from Annerton’s Berlin office. “It was a very rewarding experience to be able to work together with teams that were highly motivated and knowledgeable in every aspect with the goal of setting up something completely new”, Grohé adds.
- For Vanta/Nufin: Dr. Susanne Grohé, founding partner (in the lead), Dr. Florian Lörsch, both from Annerton; in-house: Alexander Hoffmann
- For Raisin Bank AG: Dr. Andreas Walter, Philippe Woesch, Oskar Becker, all from Schalast; in-house: Katrin Rudolph
Frank Müller, LL.M.
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