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Allen & Overy advises THE NAGA GROUP AG in connection with Europe's largest FinTech Series A investments by FOSUN International

03 April 2017

​Allen & Overy LLP advised THE NAGA GROUP AG ("NAGA") on one of Europe's largest FinTech Series A investments in 2017 by FOSUN International ("FOSUN"), a leading Chinese investment group. FOSUN invests a total of EUR 12.5 million in the Hamburg-based FinTech firm. 

Founded in August 2015, NAGA's mission is to develop, market and grow disruptive applications in financial technology, thus actively contributing to the change and opening up of the existing financial system. As early as in November 2016, NAGA founded a joint venture with Deutsche Börse in order to develop "SWITEX", the world's first regulated trading platform for virtual goods. NAGA is also the parent company of the social trading network SwipeStox. In the first nine months following its launch, users have completed trades worth more than EUR 20 billion via SwipeStox. Through the partnership with FOSUN, NAGA has now become the first FinTech firm with a solid bridge into mainland China. 

Fosun Group was founded in Shanghai in 1992 and today is a leading investment group with roots in China and a global foothold. Fosun International Limited (00656.HK) was listed on the main board of the Hong Kong Stock Exchange in July 2007.  

The Allen & Overy team was led by partner Dr. Markus Käpplinger (Private Equity/Venture Capital) and comprised partners Kai A. Schaffelhuber (International Capital Markets/Regulatory) and Dr. Hans-Peter Löw (Employment and Benefits), counsel Nikolai Sokolov (Private Equity/Venture Capital, all Frankfurt) and Dr. Jens Wagner (Corporate, Munich), senior associates Dr. Roman A. Kasten (Private Equity/Venture Capital), Boris Blunck, Dr. Sebastian Schulz (both Employment and Benefits) as well as associates Phillip Prystawik and Robert Jochim (both Private Equity/Venture Capital, all Frankfurt).