Ashurst advised Alma, the French Fintech specializing in installment payments, on the extension of its forward flow transaction established in 2024 to include receivables in Italy, Spain, Belgium, and the Netherlands, with the aim of supporting its growth and expanding its installment payment business across Europe.
Initially focused solely on the French market, this transaction now covers the acquisition of over €3 billion in installment payment receivables over a period of 2.5 years. It represents a strategic milestone for Alma, enabling the company to meet the growing demand from merchants and their customers for this type of product throughout Europe.
This is an innovative transaction in the European market for the securitization of receivables, and particularly in the field of installment payments.
Furthermore, the transaction has received dual STS (Simple, Transparent, and Standardized) labeling, both under the criteria applicable to non-ABCP securitizations and those applicable to ABCP securitizations.
The Ashurst team was led by Agathe Motte (partner), assisted by Aurélien Fournier (counsel) and Lucien Jarry (senior associate) in structured finance, Emmanuelle Pontnau-Faure (partner) in tax, Anne Reffay (partner) in corporate, and Hubert Blanc-Jouvan (partner) and Francesco Assi (senior associate) in regulatory in Paris.
The team also included in Milan Annalisa Santini (partner) and Benedetta Francesca Monestier (associate) in structured finance, Gabriele Accardo (partner) and Maria Finocchio and Cecilia Ghinassi Carini (associates) in competition, Michele Milanese (partner) in tax, and Chiara Maria Santi (associate) in dispute resolution.
In Brussels, Arnaud Wtterwulghe (partner), Bram Delmotte (senior associate) and Maxime Narinx (associate) in structured finance.
In Madrid, Irian Martínez (partner), Manuela Sanz (senior associate), Juan Aznar (senior associate) and Ignacio Piñeiro (associate) in structured finance, Ricardo García-Borregón (partner) and Carlos Campón (associate) in tax, Cristina Grande (counsel) in employment, and Pilar Lluesma (counsel) in regulatory.
