True Sale International

What True Sale International does

True Sale International GmbH (TSI) is a Frankfurt am Main-based financial services platform founded on 6 May 2004 to develop and standardise the German securitisation market. TSI provides infrastructure for true-sale securitisation transactions through three integrated business lines: an SPV (Special Purpose Vehicle) platform operating under German law since 2005 and Luxembourg law since 2025; the CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD quality certification programme launched in 2005; and STS (Simple, Transparent and Standardised) verification services delivered through its wholly-owned subsidiary STS Verification International GmbH (SVI), which is authorised by BaFin under Article 29 of the EU Securitisation Regulation. TSI also operates an annual training and event programme and the flagship TSI Congress in Berlin (held since 2007), reaching over 1,000 participants per year across the German and European Asset Based Finance community.

TSI is owned by a consortium of ten German and international banks — BayernLB, Citi, Commerzbank, DekaBank, Deutsche Bank, DZ Bank, Hamburg Commercial Bank, KfW, Helaba and UniCredit — and operates a partner network of approximately 64 partner companies plus 5 supporting organisations (encompassing legal, audit, rating, consulting and trade association participants). Through these structures the platform has supported over 150 securitisation transactions with cumulative risk-transfer volume exceeding €276 billion as of May 2025, and 118 transactions have received DEUTSCHER VERBRIEFUNGSSTANDARD certification. TSI holds a 3.8% stake in European DataWarehouse (EDW), jointly established in 2012 as the first European securitisation register and now supervised by ESMA and FCA, which anchors loan-level data infrastructure for European ABS and private credit.

Revenue is generated primarily through professional services fees for certification and STS verification, transaction-related fees for SPV establishment, endowment and compartment management within MainBridge S.à r.l., and participation fees for training and events. Distribution is direct to institutional clients via enterprise field sales combined with engagement through the partner network and the annual Congress; no public pricing is disclosed. Beyond core services, TSI is registered in the German Lobby Register (R001019), coordinates with BaFin, the Deutsche Bundesbank, the ECB, the EBA and ESMA on regulatory development, and jointly leads the European Benchmark Exercise with AFME and EDW, which tracks €250 billion of private securitisation financing volume across twelve banks in six countries.

Name

True Sale International

Legal name

True Sale International GmbH

Website

https://true-sale-international.de

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

True Sale International GmbH provides securitisation infrastructure for German and European banks via SPV platforms under German and Luxembourg law, the DEUTSCHER VERBRIEFUNGSSTANDARD certification, and STS verification through subsidiary SVI, owned by a consortium of ten major banks and based in Frankfurt.

Ownership category

akta.pro rank

Product category

Securitisation Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Services-Testing Laboratories (8734)

akta.pro primary industry

KYC/Client Due Diligence & Participant Onboarding Controls (FSAFAKAF)

akta.pro secondary industries

Market Surveillance & Trade Monitoring Platforms (FSAFAKAA), Regulator/Authority-Operated Reporting Systems & Portals (FSAFAJAJ), International Standards, Norms & Technical Regulatory Bodies (BPADAAAJ)

Keywords

• Securitization services
• Asset-based finance
• SPV platform
• STS verification
• Securitization certification

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. TSI Certification: Certification of German securitisation transactions against the DEUTSCHER VERBRIEFUNGSSTANDARD quality label. A standardised nine-step certification process is conducted before transaction closing with approximately two months lead time.
2. STS Verification Services (via SVI): Independent verification of STS compliance for securitisation transactions across all EU member states, covering non-ABCP, ABCP, and synthetic balance sheet securitisations, plus CRR and LCR assessments.
3. SPV Platform Services (via TSI Services): Provision and administration of SPVs under German law (since 2005) and Luxembourg law (since 2025). Services include establishment, endowment ('Zustiftung'), compartment management within MainBridge S.à r.l., and liquidation after transaction completion. Revenue from transaction fees.
4. Training and Events: Annual training and event programme reaching over 1,000 participants per year. Formats include intensive seminars, workshops, conferences, and the annual TSI Congress in Berlin. Revenue from participation fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

True Sale International (TSI) operates a securitisation platform for the German and European market. Its core offerings are (1) the SPV Platform providing Special Purpose Vehicles under German law (since 2005) and Luxembourg law (since 2025) for true-sale securitisation transactions, (2) TSI Certification under the DEUTSCHER VERBRIEFUNGSSTANDARD quality label, and (3) STS Verification through its wholly-owned subsidiary STS Verification International GmbH (SVI), which is BaFin-authorised to verify compliance with EU Securitisation Regulation STS criteria.

Product overview

True Sale International (TSI) operates a multi-product platform for the German and European securitization market. The core offering consists of the SPV-Plattform for structuring securitization transactions under German and Luxembourg law, the TSI Certification service providing the DEUTSCHER VERBRIEFUNGSSTANDARD quality label, and STS Verification through its subsidiary SVI. These are complemented by a comprehensive training and events program centered on the annual TSI Congress in Berlin, with over 150 transactions facilitated through its SPV platform totaling over 276 billion euros in volume. The company also publishes the European Benchmark Exercise reports and maintains the TSI kompakt blog for market updates.

Differentiator

Problem solved

Functional benefit

Products and services

• SPV Platform (German and Luxembourg law) Provision of Special Purpose Vehicles (SPVs) under German law (since 2005) and Luxembourg law (since 2025) for true-sale securitisation and asset-based finance transactions, supporting bank credits as well as commercial and leasing receivables as underlying assets. Over 150 transactions and more than 276 billion euros in risk transfer volume have been facilitated through the platform.
• MainBridge S.à r.l. (Luxembourg compartment SPV) Luxembourg-based compartment SPV operated by TSI Services GmbH in partnership with MaplesFS, enabling efficient and cost-effective securitisation transactions through separate insolvency-remote compartments under Luxembourg securitisation law.
• STS Verification (via SVI) Independent third-party verification of compliance with STS (Simple, Transparent and Standardised) criteria for securitisation transactions across all EU member states, covering non-ABCP, ABCP and synthetic balance-sheet securitisations as well as CRR and LCR assessments. Provided by STS Verification International GmbH (SVI), a 100% subsidiary of TSI authorised by BaFin under Article 29 of the EU Securitisation Regulation.
• TSI Certification (CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD) Quality certification of German securitisation transactions against the DEUTSCHER VERBRIEFUNGSSTANDARD. A standardised nine-step certification process is conducted before transaction closing with approximately two months of lead time, ensuring transparency, disclosure, investor reporting and the exclusion of originate-to-distribute structures.
• TSI Training and Events Programme

Quantifiable outcome

• Over 276 billion euros in risk transfer volume across 150+ SPV transactions
• +3 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and major.

• European DataWarehouse (EDW)coreStrategic or Co-development Partner · 1 January 2012European DataWarehouse is a securitisation register supervised by ESMA and FCA, established in 2012 as the first securitisation register in Europe. TSI is a shareholder (3.8%) and played an important role in its founding and development. EDW collects, validates, and disseminates standardised loan-level data for ABS and private credit portfolios. TSI and EDW jointly publish the European Benchmark Exercise report, tracking private securitisation markets across EU and UK.
• MaplesFS (Luxembourg) S.A.coreImplementation/ SI/ Consulting PartnerCorporate Services Provider collaborating with TSI Services for the establishment of SPVs in Luxembourg. Co-founded the MainBridge S.à r.l. compartment-SPV structure with TSI Services.
• PwC LuxembourgcoreImplementation/ SI/ Consulting PartnerAuditor of MainBridge S.à r.l. Has authored a comprehensive guide on 'Securitisation in Luxembourg' published by TSI.
• Stiftung Projekt KapitalmarktunioncoreStrategic or Co-development PartnerThree charitable foundations (Stiftung Kapitalmarktrecht, Stiftung Kapitalmarktforschung, Stiftung Unternehmensfinanzierung und Kapitalmärkte) serve as regular shareholders of SPVs created by TSI Services. The foundations also run the joint 'Stiftungsprojekt Kapitalmarktunion' initiated in 2017, promoting dialogue between academia and practice on banking and capital market financing.
• STS Verification International GmbH (SVI)coreStrategic or Co-development Partner100% subsidiary of TSI, authorised by BaFin as a third-party verifier under Article 29 of the EU Securitisation Regulation. Provides independent STS verification services across all EU member states for non-ABCP, ABCP, and synthetic securitisations.
• TSI Services GmbHcoreStrategic or Co-development Partner100% subsidiary of TSI responsible for establishing SPVs under German and Luxembourg law, managing endowments to foundations, and opening compartments within MainBridge S.à r.l. Has facilitated over 150 transactions with 276+ billion euros in risk transfer.
• 64 TSI Partner CompaniesmajorGTM or Marketing Partner64 partner companies from all areas of the German securitisation and Asset Based Finance market, including: Alantra, Allen & Overy, Apex, Baker McKenzie, Banca Finint, Bank11, BofA Securities, BDO, BearingPoint, BNP Paribas, BNY Mellon, Citi, Clifford Chance, Coface, Commerzbank, CSC, DBRS, Deka, Deloitte, Dentons, DZ Bank, Deutsche Bank, FIS, Fitch Ratings, Freshfields, GSK Stockmann, Helaba, Hengeler Müller, Hogan Lovells, Hypoport, ING, Jones Day, KfW, KPMG, LBBW, Linklaters, Maples, Mayer Brown, Moody's, Natixis, NordLB, PEAC, PwC, QuantFS, Quirin, Rolf Advisory, Santander, Scope Ratings, SEB, S&P Global, UniCredit, White & Case, Wilmington Trust, Wisdomize, and others. Plus 5 supporting organisations: Bankenverband, DLA (Digital Lenders), Stiftungsprojekt Kapitalmarktunion, VDT, VÖB.
• AFME (Association for Financial Markets in Europe)majorGTM or Marketing PartnerJointly with AFME and EDW, TSI leads the European Benchmark Exercise since end of 2021, publishing reports on the private securitisation market in the EU and UK. Twelve banks from six countries contribute data to EDW as part of this initiative.
• BaFin and Deutsche BundesbankcoreOthersTSI coordinates with German and European supervisory authorities on all activities, particularly with respect to the securitisation market, STS standards, and regulatory framework development.
• European Central Bank (EZB)coreOthersTSI engages with the ECB in connection with monetary policy and collateral frameworks related to securitisations. The EZB also recognises STS standards and EDW loan-level data.
• German Federal Ministry for Economic Affairs and Climate Action (BMWK)coreOthersTSI coordinates with BMWK on matters relating to the German securitisation framework and transformation financing. BMWK representatives participate in TSI events and congress.
• German real economy trade associations (BDI, DIHK, VDA, VDT, BDL, BGA)majorGTM or Marketing PartnerTSI works closely with German real economy trade associations including BDI (German Industry Association), DIHK (German Chambers of Commerce), VDA (Automotive Industry Association), VDT (German Association of Corporate Treasurers), BDL (Leasing Association), and BGA (Wholesale and Foreign Trade Association). These associations support the TSI Congress and collaborate on transformation financing topics.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• AFME (Association for Financial Markets in Europe): Pan-European financial markets industry association co-leading the European Benchmark Exercise with TSI and EDW. AFME covers a much broader remit (capital markets, banking, asset management) but overlaps directly with TSI on securitisation market intelligence and policy advocacy.
• International Capital Market Association (ICMA): Global trade association for capital market participants that sets standards and best practices across primary and secondary bond/securitisation markets. Comparable to TSI as a standards-setting body addressing European cross-border securitisation infrastructure.
• DBRS Morningstar: Global rating agency listed as a TSI partner. Provides credit ratings across European structured finance including securitisation, serving overlapping institutional clients and addressing similar regulatory/surveillance infrastructure questions.
• Moody's Structured Finance / Moody's Ratings: Major global rating agency and TSI partner that rates European securitisation transactions and publishes ABS market research. Operates in adjacent regulatory/rating infrastructure for the same bank and ABS-market clientele.

Direct peers

• Prime Collateralised Securities (PCS): UK-based entity that, like TSI's SVI subsidiary, serves as a third-party STS verification provider for European securitisation transactions. PCS is the principal direct competitor to SVI in the EU Article 28/29 verification market.
• Scope Ratings GmbH: European-focused rating agency and TSI partner organisation providing credit ratings for structured finance products including German ABS. Operates in adjacent compliance/quality infrastructure space for the same institutional client base.

Emerging players

• European DataWarehouse GmbH (EDW): ESMA-registered securitisation repository in which TSI holds a 3.8% stake. EDW and TSI co-publish the European Benchmark Exercise and operate as closely aligned (but operationally separate) infrastructure providers for the European securitisation data ecosystem.

Others

• PwC Germany / PwC Luxembourg: Big-4 auditor of MainBridge S.à r.l. (TSI's Luxembourg SPV) and author of the TSI-published 'Securitisation in Luxembourg' guide. Acts as a supplier-implementation partner providing accounting and audit infrastructure that supports TSI's SPV platform offering.
• Clifford Chance LLP: Major international law firm listed as a TSI partner that routinely advises on German and European securitisation structures, SPV set-ups, and STS compliance. Operates as a supplier of complementary legal advisory services to TSI's certification/verification infrastructure.

Regional players

• Structured Finance Industry Group equivalents (e.g., SFIG US): US-based industry trade association for securitisation market participants; comparable to TSI's role as a German/European industry convenor and standards advocate, but operating in a different geographic market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about True Sale International