Sofia-based Fintech Paynetics Acquires Wirecard’s Assets in the UK and Ireland

The Sofia-based fintech Paynetics announced that it has acquired the German Wirecard assets in the UK and Ireland. Paynetics will take over card issuance and payment services to Wirecard’s corporate customers in both markets after the German company declared bankruptcy. According to the company’s official announcement, Sofia-based Paynetics will acquire the assets through its British subsidiary.

Paynetics is licensed across the EU, regulated by the Bulgarian National Bank, and a Member of Mastercard, Visa, SWIFT, and SEPA. The company offers next-generation payment technology solutions, including card issuing, money transfers, eWallets, mobile payments and software POS, etc. 

The deal is of great significance for Bulgarian fintech in terms of expansion on the UK market and in Europe. At the beginning of the year, Paynetics raised  2.5m euros in funding from the Bulgarian-American Credit Bank (BACB), the New Vision 3 venture capital fund, and angel investors.