Peruvian social assistance bank Compartamos Financiera has signed a deal with Uruguayan core banking services provider De Larrobla & Asociados. The deal will provide the bank with digital and legal services to strengthen its financial services offering.
Compartamos Financiera was founded in 1992 in the Peruvian city of Arequipa as a provider of financial services to homebuyers and small businesses, and which opened in Lima in 2009, changing its name to Compartamos Financiera in 2013.
Under the agreement, De Larrobla & Asociados will provide Compartamos Financiera’s core banking software, including licensing and escrow services to protect the source code, and the implementation services. During a second phase, will include support and maintenance services to the bank’s operations.
Compartamos Financiera was advised on the deal by Peruvian digital law specialists.
Niubox, which offers specialized legal advice to technology companies and digital businesses, as well as to startups, and legal innovation training and consultancy services for companies’ legal departments.
“This was a very important contract for us and which allowed us to provide legal support to a key transaction for our client at a time when digital transformation is essential for any business, and particularly in the financial sector,” Oscar Montezuma, director of Niubox Legal, said.
“The negotiation of the contracts for the transaction involved understanding the functioning of a complex platform that covers all of the bank’s operations and allowing us to anticipate the diverse situations that could affect the solvency and continuation of its operations,” Paola Galvez, Niubox’s regulatory and public affairs leader, said.
For his part, Roberto Cigueñas, legal director of Compartamos Financiera, said the acquisition of the services is one of the bank’s most important projects, and for which it was important to have a law firm with a high level of knowledge in tech law, and which the bank found in Niubox.
Niubox’s team was led by Óscar Montezuma Panez and Paola Gálvez Callirgos, while De Larrobla & Asociados’ in-house legal team was led by Cecilia Tamburini.Rosario Calderón and Deyna Cherres were the in-house team that acted for Compartamos Financiera.