DLA Piper has provided regulatory advice to SCAYLE Payments GmbH on setting up its own digital payment company and successfully represented it before the German Federal Financial Supervisory Authority (BaFin) when acquiring the payment services license.
SCAYLE Payments was founded in 2022 and is a subsidiary of the ABOUT YOU Group, one of the fastest growing e-commerce companies in Europe.
SCAYLE Payments received a payment services license from the German Federal Financial Supervisory Authority (BaFin) at the beginning of October. With this important regulatory approval, the ABOUT YOU Group is laying the foundation for a comprehensive optimisation of payment transactions in its partner business further strengthening its position in e-commerce. Setting up its own payment company enables the ABOUT YOU Group to guarantee a standardised, modern, and efficient payment process at checkout. The aim of SCAYLE Payments is to make e-commerce payment transactions simpler, more secure, and more future-oriented by means of innovative solutions. The new subsidiary is fully integrated into the structures of the ABOUT YOU Group and will take over the management of payment processing for the entire group. SCAYLE Payments, based in Hamburg, currently employs around 50 people and the management team consists of Dr Thomas Kremser and Martin Lemberg.
Partner Dr Michael Stulz-Herrnstadt and counsel Christoph Engelmann (both Litigation & Regulatory, Hamburg) provided procedural and regulatory support and coordinated the licensing procedure for the client with BaFin. Counsel Elena Vadolas (Finance and Financial Services Regulatory, Frankfurt) played a key role advising on payment services and payment services supervision law. The DLA Piper team in Germany also included partners Verena Grentzenberg (Data Protection) and Dr Nico Brunotte (IPT) as well as counsel Dr Beatrice Brunn (IPT), senior associates Lennart ElsaĂź (IPT), Jan Schlaak (Corporate/M&A) and David Schele (Data Protection; all Hamburg).
The client relationship with the ABOUT YOU Group is managed by partner Prof Dr Stefan Engels and counsel Dr Beatrice Brunn (both IPT, Hamburg), who initiated the mandate.
From ABOUT YOU, Director Legal & Compliance Jan Murmann and Legal Counsel Kathrin Lechner were involved.
