Wirecard’s UK division will be bought by competitor Railsbank, Sifted reported yesterday.
In Brief:
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Wirecard went into bancruptcy in June after discrepancies to the tune of $2bn were found on its books.
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This meant companies like Revolut, Soldo and Curve had to ove to other solutions such as Railsbank.
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The German business is having to sell off assets like Wirecard Card Solutions, its UK division.
What does this mean?
Railsbank will now acquire the assets, staff and clients of Wirecard’s UK division – the term sheets have been prepared and the deal is expected to go through in November.
