Just over a year ago in June 2020, Wirecard filed for insolvency amid mounting scandal, confirming that €1.9bn was missing. Since then, it has been undergoing a process of dismantling, with auditors selling off all aspects of the global business to cover €3.2bn debt. One year on, where have the subsidiaries of Wirecard ended up? We take a look.
Santander has been the biggest acquirer of Wirecard assets, taking over much of the company’s core businesses and incorporating them into its Getnet subsidiary, a part of its digital-focused PagoNxt brand. The acquisition has helped Getnet accelerate its expansion into Europe significantly.
Meanwhile, Finch Capital-owned Nomu Pay has acquired much of Wirecard’s Asian subsidiaries as part of a wider plan to develop a unified payment company in EMEA and Asia.
Elsewhere, most acquisitions have been limited to single subsidiaries, with motives generally divided between new capabilities and increased market presence. Railsbank, for example, acquired Wirecard UK’s card services division for its PayrNet subsidiary, acquiring customers such as the SME-focused neobank Anna in the process. Nium, meanwhile, became the most recent acquirer on Wednesday, with its acquisition of Wirecard Forex India gaining it a key money exchange licence in the country.