Allens has advised Westpac on its $40 million investment in listed Fintech zipMoney.
The deal includes a $40 million equity investment, a grant of up to 9.8 million performance options and a strategic relationship to explore the integration of zipMoney's products and services across the Westpac payments network.
The transaction represents one of the largest Fintech equity investments in Australia.
Westpac will subscribe for an approximate 17.11 per cent stake in zipMoney and will have the right to nominate a non-executive director to the zipMoney board.
zipMoney offers point-of-sale credit and digital payment services to consumers and merchants across numerous industries in-store and online.
'We are delighted to have advised Westpac on a landmark transaction in the Fintech sector,' said Vijay Cugati, lead partner on the deal.
'The deal continues Westpac's market-leading approach to investing in the Australian Fintech industry to open new growth opportunities.
'We are pleased to have been able to support Westpac on its continued drive to harness innovation to provide customers with more options in the payments landscape.'
The Allens team worked closely with Westpac's business development and strategic investments legal teams.
Allens legal team
Vijay Cugati (Lead Partner); Alan Maxton and Benjamin Downie (Partners - Finance and Securitisation); Carolyn Oddie (Partner – Competition); Peter Haig (Partner – AML); Addison Ma and Jasmin Last (Senior Associates – Corporate); Andrew Shetliffe and Simun Soljo (Senior Aassociates – Financial Services); Chris Kerrigan (Senior Associate – AML); Tom Griffin (Senior Aassociate – Technology); Tracy Lu (Senior Associate – IP); Sikeli Ratu (Managing Associate – Employment); Lisa Lucak (Senior Associate – Competition); and Lawyers: Melanie Hayden, Ed Copeman, Jewel Zhu, Harry Cook, Max Chapman and Malak Johnson.
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.