Addleshaw Goddard has advised 'AG Elevate' FinTech client, PACE Invoice, an innovative multi-currency invoicing platform provider based in London on its sale to Flywire, a leading provider of international payment solutions based in the US.
The transaction, which completed on 1 June 2017, will add Pace’s multi-currency international invoicing capability to Flywire’s cross-border payments and receivables services, enabling Flywire’s business, education and healthcare clients to more easily link invoices to cross-border receivables, saving time and costs in invoice preparation and payment reconciliation.
The Addleshaw Goddard team was led by partner William James, and included Ellen Catherall.
The deal will see current PACE Invoice CEO, James Shattock, and the entire PACE team, join the company and lead expansion efforts in the UK and Europe.
PACE Invoice is one of the initial seven FinTechs that Addleshaw Goddard signed up to 'AG Elevate', its fast track 12 month programme that guides ambitious FinTechs in their development.
William James, commenting on the transaction, said: "It's incredibly rewarding to advise one of our AG Elevate cohorts on this significant corporate deal. We have been working with James and the team closely since they joined AG Elevate, mentoring them and helping them identify and respond to legal and commercial challenges. This is a great move for them - their cross border invoicing offering will enhance Flywire's existing business platform and assist in its expansion plans."
ENDS
Notes to Editors
- We are one of the only firms in the UK to have a dedicated FinTech team with over 30 senior lawyers who have unrivalled experience in the wider financial services sector.
- Our FinTech Group consolidates our cross practice expertise built on a leading and unique combination of financial services, regulation, corporate, commercial, intellectual property, data and IT practices, focussed on the entire ecosystem from start-up to clearing banks.
- Over the last 12 years, we have helped to shape and deliver some of the most innovative and strategically important deals involving major UK banks, payment processors, financial institutions, payments technology companies and many of the new (and old) FinTech disruptors.
- Alongside our strategic partnerships with FinTech Connect and PayExpo, we have designed and developed AG Elevate, a fast track 12 month programme for selected FinTechs designed to accelerate them through start up legal challenges. AG Elevate consists of two programmes – one targeting ‘early-stage’ start-ups with no more than £1million of investment, and one directed at start-ups with ‘Series A’ funding of more than £1 million. Elevate provides FinTech start-ups with structured and flexible legal mentorship and advisory programmes including: an assigned legal mentor, training, networking, and legal advice. As at today's date, we have received 27 applications, and we have taken on 7 applicants (including start-ups from Hong Kong, Germany and Egypt).
- For further information please contact Caroline Davies, Media Relations at Addleshaw Goddard, +44 (0) 207160 3216.
- To read more about our FinTech offering please see our dedicated FinTech page on our website.