Wirecard announced in June 2020 that it was unable to locate USD 2 bln worth of cash in its trust accounts, causing the company once valued at USD 13 bln to collapse into bankruptcy.
As a result, German administrators were called in to sell off key assets like its UK entity, Wirecard Card Solutions (WCS), which once settled card payments for 70 fintech clients including Revolut, Pockit, Soldo and Curve.
Railsbank, a banking and payments infrastructure-provider, will now acquire WCS’ remaining assets, clients and a number of employees. Railsbank now joins an army of around 140 potential buyers reported to have been in talks to buy Wirecard’s various divisions.
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