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UniCredit completes €125 million “Buy Now Pay Later” consumer securitisation transaction for Ratepay GmbH

May 2025

Client(s) UniCredit Bank GmbH

Jones Day advised UniCredit Bank GmbH, as arranger and senior lender, in relation to a €125 million committed and scalable securitisation transaction for Ratepay GmbH.

The securitisation is backed by a portfolio of short-term “Buy Now Pay Later” (BNPL) consumer receivables in Germany and Austria. Under the terms of the programme, Ratepay will on a revolving basis sell a major part of its future BNPL portfolio to a Luxembourg based securitisation vehicle which will be funded by UniCredit as senior lender. The programme allows for additional lenders to join the platform. The programme has been structured to comply with requirements of “simple, transparent, and standardized” (STS) securitisation under the European securitisation regime.

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