Ashurst Advises Alma on European Expansion of Instalment Payment Forward-Flow

"Ashurst advised Alma on expanding its 2024 forward-flow to include instalment receivables in Italy, Spain, Belgium and the Netherlands. The operation covers acquisition of over €3 billion of instalment payment receivables over 2.5 years, is described as innovative in European securitisation and holds dual STS labels (non‑ABCP and ABCP)."

Ashurst advised Alma, the French fintech specialist in instalment payments, on the extension of its forward-flow operation established in 2024 to incorporate receivables in Italy, Spain, Belgium and the Netherlands. The transaction concerns the acquisition of more than €3 billion of instalment payment receivables over a 2.5‑year period. Initially focused solely on the French market, the expanded forward-flow is a strategic initiative for Alma to support its growth and to meet growing demand from merchants and their customers for instalment payment solutions across Europe. This is presented as an innovative transaction in the European receivables securitisation market, and in particular in the segment for instalment payments. The operation has been awarded dual STS (simple, transparent and standardised) labels, both under the criteria applicable to non‑ABCP securitisations and under the criteria applicable to ABCP securitisations. Ashurst represented Alma with a team composed by: Agathe Motte, partner, Global Markets (Paris); Aurélien Fournier, counsel, structured finance (Paris).

Ashurst Advises Alma on European Expansion of Instalment Payment Forward-Flow

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