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Covington is a leading global provider of legal services to market participants in the financial services industry and has been for decades. The rapid growth of the “fintech” industry—comprised of companies that make use of new technologies to provide financial services traditionally offered by banks, companies that partner with banks to provide financial services using innovative technologies, and other companies that provide financial technology services—has created significant opportunities for all segments of the financial services industry.
Covington’s attorneys in Washington, New York, London, and San Francisco are uniquely well situated to provide sophisticated legal counsel in the areas of financial institutions, consumer financial services, technology and IP transactions, venture capital and emerging companies, capital markets and securities, mergers and acquisitions, insurance coverage, privacy and cybersecurity, and derivatives compliance and enforcement to companies in the fintech sector.
We advise on a range of different fintech matters, including:
Representation of Prosper Marketplace in a variety of securities advisory and transactional matters, including in a first-of-its-kind registration of $500 million of borrower dependent notes and restructuring into a bankruptcy remote vehicle, several rounds of venture financings, as well as ongoing disclosure, SEC reporting and SEC regulatory matters.
WSFS Bank in its strategic investment and partnership with ZenBanx Holdings, which offers a mobile, multi-currency account that will allow consumers to hold balances denominated in up to five currencies in a single account.
Representation of Legg Mason, Inc. in its investment in Precidian Investments LLC, a leader in the creation of innovative financial technology products, specializing in exchange-traded fund and mutual fund development, and associated trading and pricing technologies.
Representation of Cenkos Securities, plc as nominated adviser, broker and bookrunner in relation to an IPO on AIM and two follow-on offerings by FAIRFX GROUP plc, an international payment services provider.
Representation of a company in the fintech sector in a complex strategic alliance and outsourcing transaction to create an innovative post-financial trade processing and technology service for large banks in Europe and Asia.
Advising a global network that enables institutions to send and receive information about financial transactions on an innovative new communications technology platform.
Representation of Prosper Marketplace, Inc. in its acquisition of a healthcare lending platform, American Healthcare Lending, LLC, and merger with Prosper’s wholly owned subsidiary, Prosper Healthcare Lending, LLC.
Advising a number of firms on the provisions of the new Payment Services Directive 2 and how to implement the changes.
Representation of JD.com in connection with its investment in and joint venture with ZestFinance, Inc.
Representation of Prosper Marketplace in its last six rounds of financing, including its most recent $165M Series D financing.
Representation of Prosper in its acquisition of BillGuard, a personal finance analytics company.
Representation of leading industry trade association of online lenders in responding to CFPB small dollar rulemaking.
Representation of American Express in the divestiture of its global travel business to form a joint venture with Certares LP, which was the largest foreign investment ever in a travel management company and included Middle Eastern government-owned investors.
Representation of Banco Bilbao Vizcaya Argentaria, an international financial group based in Spain, in its acquisition of financial technology company Simple. The $117 million acquisition is part of BBVA's strategy to lead the technology-driven change that is transforming the financial services industry. According to Francisco González, Chairman and CEO of BBVA, Simple will reinforce BBVA’s “global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”
January 6, 2017, Law360
Sebastian Vos is quoted in a Law360 article regarding the launch of a Global Blockchain Business Council at this year’s World Economic Forum by Covington and The Bitfury Group. “Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records,” ...
December 11, 2016, Harvard Law School Forum on Corporate Governance and Financial Regulation
December 5, 2016, Covington Alert
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...