“The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programs,” the announcement states.
Terms were not disclosed in the announcement.
The announcement further states: “As part of the acquisition, Paynetics will provide its new customers with a fast, secure and seamless transition, together with a strategic product roadmap for the future development of these programs, which until now faced the prospect of termination.”
“Paynetics is a regulated e-money institution, licensed across the European Union and a principal member of Mastercard, Visa, SWIFT, and SEPA,” the FinTech states in the announcement.
The company says it provides “next-generation payment technology solutions with an all-encompassing technology stack under one roof, including issuing, acquiring, state-of-the-art payment services, IBANs, money transfers, eWallets, mobile payments and software POS.”
Paynetics also said it has appointed Mike Peplow chief executive of its U.K. business. He previously was chief operating officer at Omnio Group and President of BancTec EMEA, according to Paynetics.
“Through this acquisition, we’ve not only proven our technological competence and the industry’s confidence in our proposition, but also that our products and services are fit for purpose for large, corporate organizations,” Peplow said in a prepared statement. “We’re operating within the most sophisticated financial services market in the world, and we’re proud to bring something different to the table.”
“We’re a young, innovative company who can keep up with the high standards that our industry demands, but we also care deeply about our customers and will work with each of them on an individual basis to ensure that they are getting the best solution for their business,” he added.
Valeri Valtchev, co-founder of Paynetics, added in a prepared statement: “This is a flagship deal for Paynetics, and a crucial milestone for us in terms of our expansion in the U.K. and European markets.”
While some Wirecard assets were being disposed of, the government of Singapore ordered that the company cease operations there and return funds to customers by Oct. 14.
Wirecard filed for insolvency in June after it emerged that more than $2 billion of assets the company claimed to have invested in banks in the Philippines were fictitious.