Annerton advises FinTecSystems on sale to Tink
Munich, 20 May 2021 – In the acquisition by open banking platform Tink AB, Annerton advised FinTecSystems GmbH on regulatory issues, in particular on the drafting of the purchase agreement and with regard to the ownership control procedure. FinTecSystems is one of the leading German FinTechs for open banking infrastructure, whose clients include over 150 banks and FinTechs in Germany, Austria and Switzerland.
“For the founders, who built FinTecSystems with many years of expertise, the transaction is a great success of which we are all very proud. Together with Tink, we can now open up Europe,” explains Caroline Jenke, Chief Legal and Regulatory Officer of FinTecSystems. “For us, there was no question that we would turn to Annerton when it came to regulatory issues in the context of the purchase agreement and the owner control process. We know that we can always rely on Annerton’s regulatory expertise, something that has united us for more than three years. I appreciate very much that we receive quick feedback and can rely on legally sound and pragmatic solutions. In the transaction, it was particularly helpful that Annerton directly contacted the buyer and its lawyers and maintains a close exchange with them,” explains the authorised signatory.
As a regulated payment service provider that provides account information and payment initiation services, FinTecSystems has been one of the clients of Annerton founding partner Peter Frey and his colleagues ever since they applied for the ZAG permit. Annerton advises FinTecSystems on an ongoing basis on regulatory issues, in particular ZAG and GwG, as well as on civil law and data protection issues. In addition to Peter Frey, lawyer Till Christopher Otto, who is a member of the Annerton team in Frankfurt am Main, was also involved in advising on regulatory issues in the course of the transaction.
The acquisition of FinTecSystems by Tink is still subject to approval by the competent national authorities.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups in the banking, financial services and digital economy sectors. Annerton is present at four locations in Berlin, Frankfurt am Main, Munich and Luxembourg with currently 18 lawyers, a tax advisor and other team members. Information: www.annerton.com
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