Ratepay and UniCredit Bank announce securitization of Ratepay’s Buy Now Pay Later portfolio

• Ratepay and UniCredit have successfully closed a committed and scalable EUR 125m securitization transaction
• The “Buy Now Pay Later” (BNPL) provider Ratepay thereby continues to improve its financing capabilities and value proposition for the second most beloved payment method in Germany – “Payment-on-invoice”
• Structuring of the transaction accounts for Ratepay’s dynamic and growing BNPL portfolio in Germany and Austria

Berlin, April 15, 2025 

Ratepay and UniCredit have successfully closed a committed and scalable EUR 125m securitization transaction, backed by a portfolio of short-term “Buy Now Pay Later” (BNPL) consumer receivables.

Under the terms of the agreement, Ratepay will on a revolving basis sell a major part of its future BNPL portfolio to a securitization vehicle, funded by UniCredit as senior lender. The transaction is designed to provide a robust and scalable funding tool for Ratepay’s dynamic and growing BNPL business in Germany and Austria.

Payment-on-invoice represents the second strongest payment method in the DACH market with every fourth consumer paying by invoice, when shopping online. Payment-on-invoice is increasing payment security and convenience for shoppers, while driving conversion, average basket size and cash flow optimization for merchants.

Besides supporting Ratepay’s growth ambitions for its BNPL invoice portfolio, the transaction fits perfectly into Ratepay’s strategic vision to continuously improve merchant and consumer experience.

Ratepay CEO, Sabrina Flunkert-Glinzer, comments, “Our commitment is towards the best possible experience for our merchants and their customers. With UniCredit we have found a strong partner that enhances our capabilities as a leading BNPL provider to provide swift payouts to our merchants, improving their cash flow and overall business efficiency, while allowing consumers to conveniently pay at a later point in time.”

“We are excited to have structured this transaction, which supports our client Ratepay in its strategic endeavors in the growing BNPL market. This transaction, which qualifies as a simple, transparent and standardized (“STS”) securitization, reflects the strength of the securitization tool to finance innovative and growing business models in an efficient manner and underpins UniCredit’s strength in the Asset Backed Financing business.” states Stefan Leipold, Head of Securitisation & Asset Backed Solutions at UniCredit Germany.

Ratepay has been part of Nexi Group, the European PayTech company, since 2021. Nexi Group CFO, Bernardo Mingrone shares, “This lighthouse financing transaction in the BNPL space is a central part to Ratepay’s growth ambition. I am happy to see UniCredit further expanding their relationship within the wider Nexi Group with the transaction.”

Ratepay will continue to act as originator and servicer for the receivable portfolio.

Jones Day (with the assistance of Wolf Theiss as to Austrian law aspects and Bonn Steichen & Partners as to Luxembourg law aspects) acted as transaction counsel for UniCredit Germany while Baker McKenzie served as legal counsel to Ratepay. Ratepay was further advised by BDO, Deloitte, EY and WTS on the transaction.

About Ratepay

Ratepay is Europe’s leading expert in white label Buy Now Pay Later (“BNPL”) payment solutions. Specializing in payment methods such as payment by invoice and direct debit, Ratepay enables seamless and secure purchasing processes for e-commerce merchants and their customers. The focus on white label allows merchants to retain control over customer data and communication and to highlight their own brand throughout the payment process.
Ratepay GmbH was founded in December 2009 in Berlin and employs more than 200 people. It is part of the Nexi Group.

Press contact

Ann-Katrin Janiec
ann-katrin@ajari-institut.com