Bulgarian e-money institution Paynetics has acquired the corporate payout card portfolio of Wirecard UK and Ireland.
The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard infrastructure and technology for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programmes, which otherwised faced termination.
The sale gives Paynetics a bigger foothold in the UK and European markets. To oversee the business, the company has appointed the former chief operating officer of Omnio and president of BanTech Emea, Mike Peplow as UK CEO.
Says Peplow: “Through this acquisition, we’ve not only proven our technological competence and the industry’s confidence in our proposition, but also that our products and services are fit for purpose for large, corporate organisations.”
Wirecard originally acquired the corporate card portfolio from Citi three years ago.
Laura McCracken, EVP, Wirecard global sales and chairman, Wirecard UK & Ireland, says: “When faced with the difficult decision of sun-setting Wirecard’s corporate payout card business, Paynetics showed up as the white knight. Their speed and agility enabled us to preserve numerous programs for our corporate clients and ensure minimal disruption to thousands of end users."