Fintech

Africa has a well-deserved reputation for fintech innovation, and many jurisdictions in Africa are among the world’s most prolific users of fintech products such as mobile money and payment services. Various regulators have flagged concerns over issues around consumer protection, data privacy and protection and the competition implications of the digital economy.

Our lawyers on the ground are finely attuned to conditions in various strategic jurisdictions and regularly assist clients to understand and navigate the shifting regulatory landscape on the continent.

We have been at the forefront of advising start-ups, investors and corporates in relation to mobile money and payment systems businesses. We have experience in the fast-developing area of crypto assets, having advised local and international cryptocurrency exchanges and trading platforms.

Fintech products, services and partnerships are multifaceted. Our teams of lawyers are not only multijurisdictional; they are also multidisciplinary. On any given fintech matter, we are able to advise across the range of pertinent legal disciplines including:

• regulation of payment services, lending, banking and exchange control
• data protection and data privacy
• insurance
• tax
• corporate/mergers and acquisitions
• competition
• dispute resolution
• intellectual property
• corporate finance
• anti-money laundering

One of the most exciting aspects of the fintech ecosystem in Sub-Saharan Africa is the range and diversity of fintech players and partnerships, a growing trend being collaboration between start-up tech disruptors and mature organisations in banking, insurance, telecommunications, retail and over-the-top services. We have advised organisations across the spectrum.

Chambers and Partners, 2022

‘regarded as a one-stop shop for entities of all sizes in the sector, including emerging startups’

‘held in high regard by clients for its ability to provide legal support on cross-border transactions and intellectual property matters in the FinTech sector’

‘called on by clients for significant mandates concerning payments, blockchain, cryptocurrency and financial services regulation, among others’

‘pronounced expertise in the FinTech sector’

‘ especially adept in handling issues in the areas of blockchain, regulatory compliance and payments’

‘dedicated to educating the wider ecosystem on new theoretical and legal developments’

Legal 500, 2021

‘at the forefront in the fintech space’

Our recent experience includes:

CRYPTO-ASSETS AND EXCHANGES 

• Acting as local counsel for Goodwin Procter (UK) LLP, who in turn acted for Digital Currency Group Inc. on the acquisition of the Luno Group in South Africa and Singapore.
• Advising Coinbase through Simmons & Simmons LLP on cryptocurrency-related activities in South Africa.

PAYMENT AND REMITTANCE TECHNOLOGY

• Acting for Accion Frontier Inclussion Mauritius and Partech on a Series C funding round in the fintech startup company known as Yoco Technologies (Pty) Ltd.
• Acting for Network International in its acquisition of Africa payment service provider, DPO Group. DPO Group’s Africa online commerce platform operates across 19 countries.
• Advising the insolvency administrator over the assets of Wirecard Technologies GmbH, on the disposal of its South African subsidiary, Wirecard Solutions South Africa (Pty) Ltd, to adumo (RF) (Pty) Ltd.

INSURETECH, INSURANCE AND RISK

• Providing financial regulatory (product development and compliance) and data protection advice to creditAIs, on its artificial intelligence insurance product. creditAIs is a South African startup that targets financial inclusion by using machine learning to credit score people who do not fit traditional models.

PLATFORM SOLUTIONS AND COMPARISON SOLUTIONS

• Acting for Tugende, a technology-enabled asset finance group based in East Africa, on an extension of its Series A funding round led by Partech with participation from Enza Capital and other angel investors. We previously advised Tugende on the first close of its Series A funding round, which was announced in September 2020 and led by Toyota Tshusho’s Mobility 54.
• Acting as local counsel for Thoma Bravo, L.P on a merger filing to the South African Competition Commission in relation to the acquisition of Calypso Technologies, Inc.