Continuing to strengthen its offering, Paynetics UK has announced the acquisition of some of the assets of Wirecard UK & Ireland.
The deal will see Paynetics work with corporate customers, who have previously been dependent on Wirecard for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programmes.
Mike Peplow, CEO, Paynetics UK, commented: “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. We’re operating within the most sophisticated financial services market in the world, and we’re proud to bring something different to the table.
“We’re a young, innovative company who can keep up with the high standards that our industry demands, but we also care deeply about our customers and will work with each of them on an individual basis to ensure that they are getting the best solution for their business.”
Paynetics is a regulated e-money institution, licensed across the EU and a Principal Member of Mastercard, Visa, SWIFT, and SEPA.
The acquisition, Paynetics will provide its new customers with a fast, secure and seamless transition, together with a strategic product roadmap for the future development of these programmes, which until now faced the prospect of termination.
Valeri Valtchev, Co-Founder of Paynetics, said: “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 and have the certainty of a clear roadmap ahead for their businesses.
“We are one of a few companies in Europe which, as a regulated fintech, has the capabilities, expertise and technology to fulfil the needs of these clients, and the only one who could do so as quickly and efficiently as we are able to.”
As part of the deal, Paynetics will power a range of programmes including employee benefits, sales incentive, corporate expenses and social welfare for these organisations. The company has begun engaging with and novating its new customers in order to manage their transition in a way that is specific to the individual requirements of that business.
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, he brings over 20 years’ experience within the banking and payments industries and has a strong track record of growing and developing international businesses.
Laura McCracken, EVP, Wirecard Global Sales and Chairman, Wirecard UK & Ireland Ltd also stated: “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. More importantly, we were impressed by the capabilities, creativity, and vision that Paynetics brought to the table for this business. Long may it prosper.”
Neil McKenna, VP, Global Strategic Partnerships & Business Development, Wirecard concluded: “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.”