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."
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