Paynetics UK has acquired some of the assets of Wirecard UK & Ireland in a deal will see Paynetics work with former Wirecard customers to adopt Paynetics for the continuation of their existing card programmes.
Paynetics is a regulated e-money institution licensed across the EU and a Principal Member of Mastercard, Visa, SWIFT and SEPA. It offers payment technology solutions including issuing, acquiring, IBANs, money transfers, eWallets, mobile payments and software POS.
As part of the deal, Paynetics will power a range of programmes including employee benefits, sales incentives, corporate expenses and social welfare
In addition to this news, Paynetics has appointed Mike Peplow as CEO of its UK business. Formerly Chief Operating Officer at Omnio Group and President of BancTec EMEA, Mike brings over 20 years’ experience within the banking and payments industries.
“We are delighted to have signed an agreement to sell our corporate payout card portfolio, originally acquired from Citi over three years ago, to Paynetics. We have been very pleased by the positive reaction from our corporate clients in the face of this unique situation. Paynetics will no doubt bring fresh life to this valuable portfolio and we are confident this deal will result in a win-win-win for all involved,” said Wirecard’s Neil McKenna.
“This is a flagship deal for Paynetics and a crucial milestone for us in terms of our expansion in the UK and European markets. But it’s also a game-changer for our new customers, who are now in a safe pair of hands,” said Valeri Valtchev, Co-Founder of Paynetics.
“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,” added Mike Peplow, CEO of Paynetics UK.