Allen & Overy advises Cielo S.A. on their agreement with Facebook, Inc. to launch Facebook Pay in Brazil
15 June 2020
Allen & Overy have advised Cielo S.A. (Cielo), a leading electronic payments business in Brazil and in Latin America, on their contractual framework agreement with Facebook, Inc. (Facebook) to launch the “Facebook Pay” platform in Brazil. The Facebook Pay platform enables peer-to-peer and person-to-merchant payments and money transfers within certain applications owned or managed by Facebook.
The transformational transaction marks the first time Facebook Pay is available in Latin America, the first time in the World that cash payments and transfers can be made via WhatsApp and a first-of-its-kind product and platform in Brazil. The platform will allow over 120 million users of these Facebook applications within Brazil to make seamless and secure payments and money transfers, further supporting the country's economic growth.
Bruno Soares commented, “We are thrilled to have helped Cielo address the various data privacy, data licensing and regulatory issues and to negotiate the contractual framework to launch this first-of-its-kind in the World online payment platform in Brazil. Our São Paulo and Antwerp offices worked together in a seamless fashion providing New York law and TMT and Data Protection expertise. We look forward to the platform's growth across Brazil, especially in this important time amid the impact from the Covid-19 pandemic.”
In completing the transaction, the firm leveraged its New York law capability of our São Paulo office, strong client relationship and local on the ground expertise, alongside its specialized TMT expertise in Belgium, with a focus on data monetization, technology licensing, open source and payments infrastructure. Allen & Overy’s advice was led by partners Bruno Soares (São Paulo) and Filip Van Elsen (Antwerp), with support from senior associates André Teixeira (São Paulo) and Cédric Lindenmann (Brussels), and associates Eduardo D. Kappel (São Paulo) and Aurore Dacier de Biasi (Antwerp).