CoBa Technology’s Fintech Agreement With Lloyds Banking
DAC Beachcroft’s Commercial Technology team successfully advised CoBa Technology on a deal with Lloyds Banking Group to offer next-level digital solutions to commercial banking clients.
Tim Ryan, Partner, and head of the national technology team at DACB, said
“We were delighted to work with the fantastic team at CoBa on a deal that is helping the company continue to realise its vision of re-imagining the way businesses and banks collaborate.”
Carl Hasty, CEO and Co-Founder at CoBa, commented,
“We’re very grateful to the DAC Beachcroft team for their invaluable advice during this important business win for CoBa.”
Q&A with Tim Ryan
Can you explain the background of this collaboration, how did this come to fruition and what was your professional role in the success of the deal?
I have known one of the entrepreneurs behind CoBa for many years, having initially met him via mutual contacts in FinTech. I always say that the best relationships are long-term; they build understanding and trust. Having been introduced to the rest of the senior CoBa team and discussed what was required, I was pleased that we were chosen to advise them on this deal. The DACB team was led by me and Senior Associate Alistair Cooper, with the support of others in our specialist group.
Can you tell us what the process looks like when working on this sort of project on large scale?
The key is always to understand the commercial and operational drivers of the parties and, certainly, to be embedded in the detail of the technology underpinning the deal. This is something we focus on heavily in our team, as well as delivering legal and strategic advice on time and on budget, of course.
CoBa’s cloud-hosted connected banking platform is, in conjunction with Lloyds Bank, transforming the collaboration between the bank and its business customers by connecting core financial information and services to create an all-in-one digital banking solution. Through the platform, customers can have all their banking needs supported in one place so they can enjoy seamless banking, quickly make informed decisions and scale with confidence.
As an international law business that believes in encouraging innovative thinking how does this make your team unique to those at other law firms and why were you the best suited to take on this project with CoBa Technology?
The deal is testament to the work of our DACB team, in supporting companies that are disrupting financial services markets through innovation. The team works closely with clients to help them navigate every step of their business lifecycle in the technical and regulated sector in which they operate. We understand the underlying technology behind the commercial solutions pursued by our clients. We speak the language of those in FinTech, from the positive tech disruptors to the financial institutions, understand their commercial needs and market nuances, and apply our legal, regulatory, and commercial expertise to enable our clients achieve their business goals. We work for developers, suppliers and procurers of IT and digital solutions, so we understand the complex and often unique challenges and opportunities across a wide spectrum of client types and markets. In addition, we are entrenched in the complex and evolving regulatory and legal framework, including a network of senior decision makers in the UK Government, key industry bodies (e.g. the Investment Association), the regulators of the financial services industry and leading global financial institutions. Our team combines a relevant cross-skill set including technology, commercial, corporate, regulatory (financial markets), data, IP – in short, it is our sweet spot.
The national Commercial Technology team at our firm which I head-up is one of the largest in the UK, with over 40 lawyers advising clients domestically and internationally across all sectors and all types of projects and business-as-usual work. The team regularly advises on issues ranging from day-to-day contractual matters to complex digital transformation projects.
When working on projects with a significant impact for the industries involved, how does this impact DAC Beachcroft and your growth and development as a law firm?
We are at the forefront of positive disruption and digital evolution, within financial services and other key vertical sectors, including healthcare, insurance, and real estate. This is driven by our expertise and reputation, built as a result of helping our clients deliver value on landmark projects and industry firsts. Naturally, it enhances our profile and credibility in the market, and builds a strong brand equity, in the emerging and deep tech space, including AI, financial platforms, data, blockchain and web3, for example. Our clients see us as key specialists in these areas; as enablers and experts in technology and business, rather than just specialists in the law itself. Ultimately it’s about people – I’m proud to say my team is full of them. This is one of the reasons our clients work with us on a repeat basis, I believe.
