Texas-based Syncapay purchased the division for an undisclosed sum and will change its name to North Lane Technologies. (The Logic)
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Texas-based Syncapay purchased the division for an undisclosed sum and will change its name to North Lane Technologies. (The Logic)
Talking point: Wirecard collapsed in June after a €1.9-billion hole was found in its books, triggering a bankruptcy filing and an overhaul of Germany’s accounting oversight rules. Wirecard had paid about US$300 million for its American operation, but its total assets are now worth about US$87.5 million. The fintech’s lenders are also taking hits. Commerzbank, Germany’s second-largest lender, which led Wirecard’s US$2-billion credit facility, recorded a US$200-million loss on the transaction. Wirecard’s Canadian customers included WestJet. Wirecard’s assets in Brazil and Romania, as well as its U.K. payment-card technology, have already been sold off; talks about selling its European assets are also underway.
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