Fintech is a core area for our law firm and one in which we have achieved an excellent reputation. Our experts have extensive knowledge in this area from both a legal and technical point of view in the long-term they are interested in innovation in the global financial environment and the development of the domestic market. All this allows us to provide services that go beyond traditional legal advice.

Our clients are provided with advice on a wide range of Fintech operations and services such as payment services, digital banking, crowdfunding, online providing of consumer loans and P2P platforms, cryptocurrencies, blockchain and DLT, asset management (automated advice), insurtech and regtech. We help startups and established fintech companies with setting up their business model from the legal point of view as well as assisting with the financing of such operations.

We provide comprehensive legal services necessary for navigating complex requirements for acquiring a licence form Czech National Bank.

Our deep-legal knowledge and practical expertise sets us apart from the competition. We have a comprehensive understanding of the technologies that underpin Fintech projects and their relevant regulatory requirements. We maintain good communication and a strong working relationship with the Czech National Bank. It is because of this that we have had an opportunity to be part of ground-breaking projects. We were the first in the Czech Republic that was able to procure a licence for the payment service provision under the new directive PSD2 (AISP). Among our clients are some of the most well-known Czech fintech companies including Twisto, the payment institution Roger, Fondee and Spendee.

 
 
 

Typical areas:

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Payment services

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Our services include regulatory and legal advice for providers of payment services (SPI and PI) and electronic money issuers (SEMI and EMI). These services include drafting contractual documents and terms and conditions as well as providing external compliance and internal auditing services. We also provide all legal services regarding AML/CFT compliance. We have extensive experience with open banking and PSD2 regulation (including PISP and AISP services).

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Czech National Banks licences

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We provide comprehensive legal services in regard to the preparation and acquisition of a licence from the Czech National Bank based on a detailed step list. This list includes the initial evaluation and selection of the appropriate licence, preparation of background documentation for the licensing procedure, submitting the request for the licence to the Czech National Bank and representation in the licensing procedure. For the full duration of the process we actively communicate with the regulator to ensure that the procedure is as efficient as possible.

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Financing and M&A

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Our firm provides expert legal services in connection with acquisitions of fintech startups, including due diligence, evaluation of regulation risks and the structuring of the transaction. Our legal advice includes several forms of venture capital and private equity financed fintech projects, including convertible financing (CLA) and direct equity investments.

 
 
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Cryptocurrency and DLT

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We have been advising on all the major issues relating to cryptocurrency and blockchain technology since its emergence. We provide advice in a variety of legal areas that interface cryptocurrency, including from the perspective of financial regulation (including AML/CFT) as well as from the perspective of civil law and business law.

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Cooperation between fintech and banks

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Fintech companies usually have difficulties with establishing partnerships with other financial institutions. But this kind of cooperation is often crucial for their development. We are familiar with the regulatory requirements and internal needs of Czech banks concerning such requirements. We are able to leverage this knowledge when setting up these partnerships between Czech banks and our international clients including when opening appropriate bank accounts or when helping our clients profit from the areas of open banking.

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Digitalization of financial services 

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We provide legal advice to fintech companies and fintech institutions in the area of digitalization of provided financial services. We help clients achieve suitable solutions for concluding agreements online and providing mandatory documents remotely. We also assist with complex agreement revision related to such services.

 
 

Selected references

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Roger Payment Institution

We have helped the payment institution Roger to successfully obtain its licencing procedure with the Czech National Bank, on the basis of which they acquired the authorization to provide payment services under the PSD2 directive for the Account information service provider (AISP) as well as for the Payment initiation service provider (PISP).

 

Spendee

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We have been providing comprehensive legal services to one of the most prized Czech Fintech startups – Spendee – in regards to acquiring the first licence under the PSD2 directive to be granted in the Czech Republic (AISP licence – account information service).

 

Advanto

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We have been providing legal services to the innovative startup Advanto, from its establishment. We have assisted with the legal questions relating to their provided services on the Advanto application. We have also provided all legal services in connection with the venture capital investment they obtained from the Nation 1 fund.

 

Key contact

 

JAN ŠOVAR
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ONDŘEJ MIKULA
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PETRA DOSOUDILOVÁ
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