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Here are the fintechs currently using Wirecard
The payment processing firm has found itself on shaky ground after €1.9bn went ‘missing’ from its balance sheet. So which fintechs are still using Wirecard to issue their payment solutions?
German payment processor Wirecard has found itself in dire straits as of late following a €1.9bn black hole on its balance sheet.
The fintech was subject to not one, but two audits recently—it’s regular audit, which was carried out by long-time auditor EY, and the special audit that was carried out by KPMG earlier this year following accusations of fraud.
Interestingly, since the Wirecard drama started to ramp up, fintechs have gotten into the habit of releasing a separate press release to announce Wirecard-related initiatives, often removing any trace of Wirecard’s involvement in their endeavours.
Despite the ongoing turmoil, Wirecard was recently revealed to be one of the founding members of the European Fintech Association.
Here is a list of the fintechs that AltFi could find that are still using Wirecard.
ANNA
London-based business current account ANNA Money uses Wirecard to issue its debit card.
The fintech recently raised £17.5m by selling off a 20 per cent stake in its business to investor ABH Holdings, with the plan to extend its current offerings.
It is unclear as to whether ANNA will continue to use Wirecard to issue its debit cards
Payhawk
Bulgarian fintech Payhawk announced a partnership with Visa last week to launch its corporate expense card solution and quietly slipped in that the card would be issued by Wirecard.
Payhawk currently issues a Mastercard-backed card with a different issuer than its Visa-backed offering.
The corporate card is issued by Paynetics AD, a Bulgarian payment processing firm, and regulated by the Bulgarian National Bank, as opposed to the Visa-backed card issued by Wirecard and regulated by the Financial Conduct Authority.
Soldo
Business expense provider Soldo also uses Wirecard to issue its prepaid cards.
The UK-based fintech uses Wirecard’s payment solutions to issues its Mastercard-backed expenses card.
Just recently, Soldo partnered with the local government in Milan to help distribute coronavirus aid through issuing ‘Soldo Care’ cards which come pre-loaded with non-transferable funds to be spent in local businesses.
Stocard
Just over a week and a half ago German fintech Stocard officially launched in the UK and introduced a payment solution so that shoppers can now collect loyalty points and pay all through its app.
However, in the release, the German fintech didn’t mention that the new payment product would be backed by Wirecard.
In fact, there were two completely different press releases about the launch, one from Wirecard and one from Stocard, the latter made no mention of the troubled payment processing firm at all.
Tymit
London-based fintech Tymit, which officially launched in late 2019, uses Wirecard to issue its Visa-backed credit card.
The fintech allows users to plan their spending and spread the cost of purchases across 3, 6, 12 or 24 months all through its app.
Varengold Bank
Just over a month ago, Varengold Bank and Wirecard announced their budding partnership.
The “strategic cooperation” will help scaling fintech firms gain access to capital to refinance loan portfolios and white-label payment solutions.
Wirecard supplies Varengold Bank with its banking-as-a-service offerings and Wirecard’s customers will benefit from Varengold Bank’s tailor-made financing solutions.
As well as this list of fintechs that still currently use Wirecard, there have also been several that have dropped the troubled payment processing firm.
One of the most notable fintechs to do so is the all-your-cards-in-one fintech Curve who recently dropped Wirecard following the delay in its KPMG audit, instead, it moved its e-money services in-house.
Think we’ve missed a fintech using Wirecard? Let us know at editorial@altfi.com
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