Wirecard, Varengold Bank to provide financing and payment solutions to fintechs

Tuesday 12 May 2020 12:21 CET | News

Germany-based digital financial tech company Wirecard has partnered with Varengold Bank to provide funds and payment solutions to fintechs.

The partnership will introduce Varengold Bank’s customers to Wirecard’s banking-as-a-service expertise, which includes digital banking, prepaid card issuing, acquiring and loan fronting services. Meanwhile, Wirecard’s customers may benefit from Varengold Bank’s financing solutions, according to the official press release.

The European fintech sector expects a 11% compound annual growth rate (CAGR) between 2020 and 2025. As fintech providers try to meet the demand, access to credit is often cited as a challenge. Varengold Bank is a marketplace lender that operates in refinancing loan and credit portfolios in this sector. The bank has existing partnerships with fintechs such as LendInvest, Grover, and Monedo (formerly Kreditech).

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Keywords: Wirecard, Varengold Bank, fintech, payment solution, financing , Germany, Europe, CAGR, compound annual growth rate, fintech provider, marketplace lender, refinancing loans, refinancing credit portfolios, LendInvest, Grover, Monedo, Kreditech, banking-as-a-service, digital banking, prepaid card issuing
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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