Ashurst advises Alma on the implementation of its forward flow operation

Ashurst has advised Alma, the French fintech specialising in payment in instalments, on the setting up of its third financing body, enabling the implementation of a forward flow operation to develop its growth and its fractional payment activity.

This transaction enabled the creation of a securitisation pool which issued senior bonds, subscribed by BNP Paribas through its conduit, Matchpoint, and by Banco Santander S.A., and junior bonds, subscribed by various funds managed by Castlelake, L.P..

This transaction involves the acquisition of more than €3 billion of fractional payment receivables over a period of 2.5 years and represents a strategic challenge for Alma, enabling it to meet the growing demand from merchants and their customers for this type of product.

This is an innovative transaction in the French market for the securitisation of purely digital receivables, and more specifically in the market for payment in instalments.

The transaction is also doubly STS-approved, both under the criteria applicable to securitisations other than ABCPs and under the criteria applicable to ABCP securitisations.

The Ashurst Paris team was led by Global Market partner Agathe Motte, assisted by counsel Aurélien Fournier, on structured finance, and counsel Annabel Massey, on derivatives.

CMS Francis Lefebvre Avocats advised BNP Paribas, Matchpoint and Banco Santander. The CMS Francis Lefebvre Avocats team comprised partner Grégory Benteux, assisted by associate Camille Lartigue.

Clifford Chance LLP advised Castlelake, L.P.. The Clifford Chance LLP team was made of partner Julien Rocherieux, assisted by counsel Sophie Guilhem-Ducléon.