Securitization Advisement on Buy Now Pay Later Portfolio by Baker McKenzie for Ratepay
Published on April 16, 2025
UniCredit Bank Takes the Lead on Ratepay's €125 Million BNPL Securitization
White-label payment solutions provider Ratepay has secured an impressive deal, with international law firm Baker McKenzie leading the charge on the securitization of its Austrian and German Buy Now Pay Later (BNPL) portfolio, worth a colossal €125 million.
Under this agreement, Ratepay will hand over a portion of its future BNPL portfolio, on a revolving basis, to a securitization vehicle funded by UniCredit. This marks a significant step in the BNPL market, as Ratepay specializes in invoice, instalment, and direct debit payments, offering a seamless online checkout process for e-commerce merchants and their customers alike.
The Baker McKenzie team behind this ambitious transaction was spearheaded by Frankfurt-based banking and finance partner Sandra Wittinghofer, with partners Dr Robert Wippel and associate Esther Kapern contributing to the effort.
Frankfurt partner Sandra Wittinghofer, expressing her enthusiasm about the deal, stated, "We couldn't be happier to contribute to this crucial and complex transaction for our innovative client. This is Ratepay's first Simple, Transparent, Standardized (STS) securitization, setting a strong foundation for our client to expand its portfolios and refinance strategically in the future."
Sabrina Flunkert-Glinzer, Ratepay's CEO, added her thoughts on the matter: "Our primary commitment is ensuring the best possible experience for our merchants and their customers. With UniCredit as our strong partner, we aim to boost our capabilities as a leading BNPL provider, ensuring swift payouts to merchants, enhancing their cash flow, and increasing overall business efficiency. At the same time, consumers get the convenience of being able to pay later."
Stefan Leipold, head of securitization and asset-backed solutions at UniCredit Germany, expressed his excitement about the transaction: "We are thrilled to have masterminded this deal, which encourages our client Ratepay to expand in the rapidly growing BNPL market. This securitization, which meets the EU's STS criteria, underscores UniCredit's prowess in the Asset Backed Financing business."
The deal, structured to meet EU STS criteria, signifies a growing interest among institutions in BNPL asset-backed securities, with a particular focus on standardized, EU-compliant structures. The transaction will serve as a scalable framework for future securitizations, allowing Ratepay (a subsidiary of Nexi Group) to maintain control over customer data while refinancing its payment-on-invoice receivables, making it the second most popular payment method in DACH e-commerce, where one in four online consumers utilize it.
- UniCredit, being the strong partner, will refinance Ratepay's portfolios, which include BNPL, invoice, and instalment payments, using technology for a seamless online checkout process.
- This securitization deal, led by Baker McKenzie and adhering to the EU's Simple, Transparent, Standardized (STS) criteria, marks a crucial step for Ratepay (a subsidiary of Nexi Group) to expand its portfolios and capitalize on the growing BNPL market.
- As a result of this deal, Ratepay will maintain control over customer data while continuing to offer revolving finance solutions, making it a popular payment method in the DACH e-commerce market.
