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Paynetics acquires Wirecard UK and Ireland corporate card portfolio

Paynetics acquires Wirecard UK and Ireland corporate card portfolio

Bulgarian e-money institution Paynetics has acquired the corporate payout card portfolio of Wirecard UK and Ireland.

The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard infrastructure and technology for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programmes, which otherwised faced termination.

The sale gives Paynetics a bigger foothold in the UK and European markets. To oversee the business, the company has appointed the former chief operating officer of Omnio and president of BanTech Emea, Mike Peplow as UK CEO.

Says Peplow: “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 organisations.”

Wirecard originally acquired the corporate card portfolio from Citi three years ago.

Laura McCracken, EVP, Wirecard global sales and chairman, Wirecard UK & Ireland, says: “When faced with the difficult decision of sun-setting Wirecard’s corporate payout card business, Paynetics showed up as the white knight. Their speed and agility enabled us to preserve numerous programs for our corporate clients and ensure minimal disruption to thousands of end users."

Comments: (1)

A Finextra member
A Finextra member 12 October, 2020, 23:43Be the first to give this comment the thumbs up 0 likes

Another venture by Bulgarian 'Cryptoqueen' con artist Ruja Ignatova perhaps? You'd have thought anyone with Omnio on their C.V. would give anything from Bulgaria a miss, given Omnio's involvement with the fraud back in 2016/17, but then if you don't understand the fundamental aspects of the Payments Industry (Mr. Peplow) then 'Gresham's Law' will always apply. Bulgarian e-money and Wirecard? Is it April 1st already?