Wirecard UK wound up and sold
Wirecard Card Solutions Ltd has announced that it is intending to wind-down its FCA regulated business. The actions have come after its German-based parent company was caught up in a global fraud scandal and filed for insolvency.
FCA in its statement said that the regulator is working closely with the company and the business will continue to trade while alternative arrangements are still being made with the company. However, the regulator told customers to contact their card provider with any queries. In winding down, the company is entering a process in which it will eventually close its UK e-money and payment services business.
In other news, Wirecard Card Solutions Ltd has announced that Railsbank, which is a London-based open banking platform, will be buying its UK operations, which include the company’s card technology, clients and assets.
“In planning the future of the company, one of our key priorities continues to be that our valued customers get the best possible outcome. We believe that our solvent wind-down proposal, including the proposed sale of assets to Railsbank, will achieve that key priority,” said Tom Jennings, Managing Director, Wirecard Card Solutions.
Wirecard Card Solutions Ltd is a wholly-owned subsidiary of Wirecard Acquiring & Issuing GmbH and part of the Wirecard AG group. The parent company will continue to hold ownership of Wirecard Card Solutions shares.