Wirecard, the insolvent German paytech, has announced the sale of its UK subsidiary, Wirecard Card Solutions (WCS), to London-based banking-as-a-service (BaaS) provider Railsbank. The term sheet agreement is part of a solvent wind-down, following the fall of its parent after a $2 billion hole was discovered in its balance sheet. Wirecard says the migration should not affect availability of WCS All client relationships and only “certain” employees of WCS will move over to Railsbank. Last week, Wirecard announced it was terminating 730 of its employees, keeping 350 subsidiary employees. Next steps Wirecard met on Friday to present a proposal outlining…
Wirecard’s UK subsidiary WCS confirms Railsbank deal
Wirecard’s UK subsidiary WCS confirms Railsbank deal
