Wirecard partners with Varengold Bank to offer payments solution to fintech firms

The Germany-based payments company, Wirecard has partnered with Varengold Bank to provide funds and payments solution to other fintechs. This partnership will help Varengold Bank customers to use Wirecard’s banking-as-a-service expertise, digital banking services, prepaid card issuing, acquiring and loan fronting services. At the same time, Wirecard customers will benefit from Varengold Bank’s capabilities in financing solutions.

“The partnership with Varengold will provide a unique and meaningful offering, helping customers refinance their loan portfolios while simultaneously accessing market-leading payment solutions,” said Leonard Coen, Head of Sales Financial Institutions & FinTech Europe at Wirecard. “These are complementary services which are in high demand, and therefore will unleash added value to our customers”.

The European fintech sector expects to grow 11% CAGR between 2020 and 2025, according to market research firm Adroit and as stated in the press release. Varengold bank has already existing partnerships with fintechs such as LendInvest, Grover, and Monedo (formerly Kreditech).