DLA Piper has advised FinLab AG on a high seven-digit investment, together with existing investors, in ONPEX's Banking-as-a-Service (Baas) platform. ONPEX, which holds subsidiaries operating in Germany, Luxembourg and Hong Kong, will use the growth capital to expand its team and broaden as well as market its existing product offering.
ONPEX is a payment service provider that offers modular white-label solutions for payment and banking-as-a-service, which is intended to optimize the management of payment and banking business. In its activities, ONPEX offers multi-currency IBAN accounts, foreign exchange, local and global transfers and e-payments powered by flexible API-based technologies to create simple, compliant and cost-efficient payment and banking solutions.
Listed on the stock exchange, FinLab AG is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector. FinLab focuses on developing German FinTech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
The DLA Piper team was led by Munich-based Corporate partner Simon Vogel, and comprised Employment partner Pascal Kremp and Frankfurt-based Finance, Projects & Restructuring partner Dennis Kunschke. They were assisted by Munich-based Intellectual Property & Technology counsel Bernd Siebers, senior associates Michael Rebholz and Hanna Lütkens, both Corporate, and Frankfurt-based Finance, Projects & Restructuring senior associate Elena Bachmann. They were supported by DLA Piper's Country Managing Partner in Luxembourg, Catherine Pogorzelski, with a team of partners Laurent Massinon, Finance, Projects & Restructuring and Olivier Reisch, Intellectual Property & Technology, Corporate senior associate Ambroise Foerster, associate Corinna Schumacher and Finance, Projects & Restructuring legal advisor Christina Nickel.