Wirecard’s UK arm once settled card payments for 70 fintech clients
According to Sifted, Railsbank, a banking and payment infrastructure-provider, has confirmed its intention to acquire Wirecard’s UK division.
Railsbank will acquire the UK unit’s remaining assets, clients, and a number of workers.
On June 25, the German payments company Wirecard filed for insolvency following revelations of $2 million fraud.
Consequently, German administrators were forced to sell off key assets including its UK entity, Wirecard Card Solutions.
The report confirms that Railsbank had given a purchase term sheet to Wirecard Card Solutions that is set to be finalized in November. However, the acquirer declined to disclose the price.
We’ve reported that Markus Braun, the former CEO of the German payment services provider Wirecard, has been arrested days after the company found a $2 billion hole in the books.