Nium to Acquire Wirecard Forex India Private Limited
Once regarded as the undisputed leader in payments in Europe, the scandal-hit Wirecard which was in news for all wrong reasons, declared bankruptcy last year and much of its operations were sold around the globe.
This week, Nium, the cross-border payments platform, announced that it has signed a definitive agreement to acquire Wirecard Forex India, part of German-based Wirecard AG.
In the announcement, Nium noted that with this license held by Wirecard, it can directly engage in payment services activities across the subcontinent, including currency conversion, money transfer, and prepaid card issuance.
“We’re seeing an accelerated move to digital payments as companies modernize their infrastructure to capitalize on the post-COVID economic recovery,” said Prajit Nanu, Nium’s co-founder and CEO. “More companies are turning to our global payments stack to embed financial services quickly”.
Wirecard Forex India is a foreign currency exchange, prepaid card, and remittance service provider in India and is licensed by the Reserve Bank of India as Authorized Category II Money Exchange Dealer (AD II) and Nium’s acquisition includes Wirecard’s AD II license.
Wirecard Forex India has Wirecard Forex India and the acquisition is subject to customary closing conditions, including approval by the local banking control authority and is expected to close by the third quarter of 2021.