Earnd sold to Greensill Capital
Herbert Smith Freehills has advised on the sale of Earnd to Greensill Capital.
Firm: Herbert Smith Freehills (Earnd)
Deal: Herbert Smith Freehills’ private equity and venture capital team has advised on the complete sale of Earnd to Greensill Capital.
Founded by Josh Vernon and Serge Kotlyarov, Earnd’s platform enables employees to access their pay packets on-demand as they earn it, facilitated through their employer’s payroll system.
Area: Venture capital, M&A.
Key players: The Herbert Smith Freehills team was led by partner and Australian head of venture capital Peter Dunne, consultant Elizabeth Henderson, and solicitor Lisa Alderson.
Deal significance: Earnd will forefront Greensill’s entry into Australia and the Asia Pacific along with becoming the globally famous brand for the user’s instant wages app.
“Earnd is an incredible example of Australian fintech innovation and business talent,” Ms Henderson said.
“In less than two years, Earnd has grown from a small start-up into a serious challenger in the financial services space.”
Earnd’s co-founder and CEO, Mr Vernon, said on the acquisition: “Peter, Elizabeth, Lisa and the team at Herbert Smith Freehills were incredible partners throughout the acquisition process.”
“We felt as if we had a friendly yet deeply professional and competent team on our side and, for a first-time founder, they made the journey a breeze. It was nothing short of a pleasure working with them and we look forward to working together in the future.”
This deal is another example of HSF’s work in the venture start-up area. Recently they had advised NEXL on a Series Seed capital raise.