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Wirecard

From Wikipedia, the free encyclopedia
Insolvent German financial services company
This article needs to beupdated. Please help update this article to reflect recent events or newly available information.(December 2020)

Wirecard AG
Company typeAktiengesellschaft
IndustryFinancial services
Payment processor
Technology
GenreFinancial
PredecessorInfoGenie AG
(until 6 April 2005)
Founded1 January 1999; 27 years ago (1999-01-01)
DefunctJune 2020
FateInsolvent after accounting scandal
HeadquartersAschheim,Upper Bavaria,Bavaria, Germany
Area served
Worldwide
Key people
Thomas Eichelmann
(chairman of thesupervisory board)
ProductsElectronic payment processing
Banking
Card issuance
Mobile payment
Risk management
RevenueIncrease €2.02 billion (under question)[1]
(US$2.31 billion) (2018[2])
Increase €347.4 million (under question)[1]
(US$397.7 million) (2018[2])
Total assetsIncrease €5.855 billion (under question)[1]
(US$6.697 billion) (2018[2])
Number of employees
5,300 (Jun 2019[3])
Websitewww.wirecard.com

Wirecard AG is an insolvent[4] Germanpayment processor andfinancial services provider whose formerCEO,COO, twoboard members, and other executives have been arrested or otherwise implicated in criminal proceedings.[5] The company offered electronicpayment transaction services andrisk management, andissued andprocessed physical andvirtual cards. As of 2017, the company was listed on theFrankfurt Stock Exchange, and was a part of theDAX stock index from September 2018 to August 2020.

The company is at the center of an internationalfinancial scandal. Allegations of accounting malpractices had trailed the company since the early days of its incorporation, reaching a peak in 2019 after theFinancial Times published a series of investigations along withwhistleblower complaints and internal documents. On 25 June 2020, Wirecard filed forinsolvency following revelations that an amount of €1.9 billion was "missing".[6][7] Long-time CEOMarkus Braun subsequently resigned and was later arrested. Former COOJan Marsalek disappeared, after being fired from his position and board seat, and remains a fugitive wanted by the German police. He has been on Europe's Most Wanted list since 2020.[8]

In June 2020, the company announced that €1.9 billion in cash was missing. It owed €3.2 billion in debt. In November 2020, the company was dismantled after it sold the assets of its main business unit toSantander Group for €100 million. Other assets, including its North American, UK and Brazilian units had been previously sold at nondisclosed prices.[9] On 25 August 2020, the court-appointed insolvency administrator issued a statement that "under the preliminary insolvency administration, it has since been possible to stabilize the ongoing business and create a basis for its continuation." The statement mentioned how "far-reaching cuts are therefore necessary in order to make any kind of continuation possible" and announced the impending layoff of around 730 employees, in addition to all members of the management board.[10]

In March 2022, Munich public prosecutors charged former CEO, Markus Braun, with fraud, breach of trust and accounting manipulation. If found guilty on all these charges, he could face up to 15 years in prison.[11] Braun was held in theStadelheim prison as a pre-trial custody until the trial began.[12]

History

[edit]

Founding and early business model

[edit]

Wirecard was founded in 1999 and took care of the technical processing ofcredit card payments for online vendors. According toDer Spiegel, its clientele initially "consisted primarily of porno and gambling sites".[13] In 2002, when it was close to folding at the end of thedot-com bubble,Markus Braun injected capital and joined as CEO. He consolidated the company and focused the business model on providing internetpayment services, initially mainly to porn and gambling websites.[14]

Stock listing and relation to InfoGenie AG

[edit]
Headquarters of Wirecard AG inAschheim (nearMunich), 2019

Wirecard became a public stock corporation (listed in thePrime Standardstock market segment) through areverse IPO, merging with a struggling existing public corporation, InfoGenie AG.[15] Based inBerlin, InfoGenie shares had been listed in theNeuer Markt stock market segment since October 2000 as an information service provider offering telephone advice hotlines on various topics.[16] When theshares becamepenny stocks following price losses, the stock exchange operatorDeutsche Börse wanted to exclude InfoGenie from theNeuer Markt, but this was disallowed by a court in April 2002.[17] In mid-December 2004, InfoGenie decided to merge with the non-listed Wirecard by way of acapital increase against investment in kind, and to change its name to Wire Card. This proceeded on 1 January 2005, and Wire Card became a public corporation. In 2006, Wirecard was included in theTecDAX[18] and in September 2018 in theDAX.[19]

International expansion

[edit]

Wirecard Asia Pacific was founded inSingapore in 2007.[20] In 2008, Wirecard introduced virtualprepaid credit cards for online payments[21] and in the following year[22] a fraud prevention suite for fraud detection.[23] In 2014, Wirecard expanded to New Zealand, Australia,[24] South Africa[25] and Turkey.[26] With the purchase ofPrepaid Card Services fromCitigroup, Wirecard also began to be represented in the United States in 2016.[27] In the same year, the company acquired a South American Internet payment service provider in Brazil.[28] In 2019,SoftBank invested in Wirecard.[29][30] With the acquisition ofAllScore Payment Services fromBeijing, Wirecard also began to be represented in China as of November 2019.[31]

Scandal and insolvency

[edit]
Main article:Wirecard scandal

Beginning in April 2015, theFinancial Times blogFT Alphaville wrote a series of blog posts that questioned Wirecard's business model and criticised the company's accounting practices.[32]

In February 2016, the 101-page "Zatarra Report"[33] appeared, documenting alleged fraud andmoney laundering at Wirecard. It was co-written by Britishshort sellers Fraser Perring ofViceroy Research and Matthew Earl ofShadowFall, who sent the report to the German financial agencyBaFin. On the urging of Wirecard, BaFin and Bavarian prosecutors then initiated criminal investigations against Perring and other short sellers formarket manipulation. The cases were dropped in March 2020.[34] In February 2017, the GermanManager Magazin published a lengthy article about Wirecard in which it alleged misleading reporting practices.[14]

On 30 January 2019, Wirecard shares plunged after theFinancial Times reported that a senior executive was suspected of "falsification of accounts" and "money laundering" andround-tripping in the company's Asia-Pacific operations.[35] Wirecard issued a statement calling the report "false, inaccurate, misleading and defamatory".[36] Wirecard also announced a lawsuit against theFinancial Times for "unethical reporting" and a lawsuit formarket manipulation.[37][38]

The public prosecutor's office Munich I in February 2019 launched criminal investigations againstFinancial Times journalistDan McCrum because of alleged violations of the German Securities Trading Act (Wertpapierhandelsgesetz,WpHG).[39] The GermanFederal Financial Supervisory Authority BaFin bannedshort selling Wirecard shares on 18 February 2019 until 18 April 2019. According to BaFin, the measure was not meant to take sides in the controversy between Wirecard and theFinancial Times.[40] On 15 October 2019, theFinancial Times published documents which it claimed to be Wirecard's internal accounting spreadsheets.[41]

In 2019, the accounting firmKPMG was hired by Wirecard for an independent audit to address the mentioned allegations. In March 2020, Wirecard claimed that KPMG concluded that no discrepancy was determined during the audit.[42] However, on 28 April 2020 the auditor KPMG announced that it had not received sufficient documentation to address all allegations of accounting irregularities, with Wirecard shares tumbling 26%.[43] London Based Hedge-FundTCI and others shortsellers likeArmin S. filed criminal complaints against Wirecard.[44][45] On 5 June, Wirecard's headquarters were searched by police as part of a criminal investigation into potentially misleading statements to investors by CEO Markus Braun and three other board members regarding the audit.[46] The company then reported on 18 June 2020 that €1.9 billion was missing in cash from the company's accounts, this following an audit byErnst & Young.[47] Braun resigned as CEO the following day, to be replaced byJames Freis.[48] Over two days, the company's stock fell 72%.[49] On 22 June 2020, Braun was arrested by German police under accusations of "inflating Wirecard AG's sales volume with fake income".[50] On 11 September 2020, Freis announced in an email that he had stepped down from the CEO position, after 85 days, with immediate effect.[51]

In January 2020, Wirecard announced that a contract extension would be offered to chief executive Markus Braun.[52][53] At the same time, its long-time chairman stepped aside. In April, an auditor found questionable accounting practices. According to auditing firmErnst & Young, a trustee of Wirecard tried to "deceive the auditor", resulting in the bank processor being unable to release the share results for 2019. In a statement, Wirecard announced that it was "working intensively together with the auditor towards a clarification of the situation".[54]

In June 2020, it was revealed that €1.9 billion was "missing". As a result, Wirecard's share value decreased by over 72%, and its CEO, Markus Braun, resigned.[55] Wirecard appointedJames Freis to the position on an interim basis. Freis had only joined the company the evening before. A few days later, the management board stated that the €1.9 billion amount likely did not exist.[56] Two banks in the Philippines who were allegedly holding the money said that they did not have the sum and never did.[57] The firm's Moodys credit rating was demoted to B3 on 19 June 2020, before this rating was removed entirely 3 days later.[58]

A criminal investigation began on 22 June 2020;[1] Wirecard's recently resigned CEO, Markus Braun, was arrested the same day.[59] On 25 June, Wirecard filed for bankruptcy, citing "over-indebtedness".[60] On 25 August 2020, the firm's administration axed the contracts of its chief executive manager as well as two additional managers. Furthermore, 730 company staff were also cut.[61] In September 2020, theGerman parliament announced that it would organize an inquiry in order to fully investigate the reasons why the government failed to prevent the corporate fraud.[62]

The UKFinancial Conduct Authority froze the activities of Wirecard's British subsidiary, Wirecard Card Solutions Limited, between 26 June 2020 and 30 June 2020, after which Wirecard UK operations were allowed to resume, albeit with restrictions.[63][64] Singapore's central bank, theMonetary Authority of Singapore (MAS), announced in September 2020 that it has directed Wirecard's Singapore branch to stop their payment services there, and return all funds owed, in light of the company's insolvent business and inability to continue providing payment services in Singapore.[65]

A report published in June 2020 by the interdisciplinary journalism laboratoryCitizen Lab at theUniversity of Toronto stated that persons and organisations publicly critical of Wirecard had been the target of sustained hacking andphishing attempts by ahackers-for-hire group dubbedDark Basin. According to the report, some of the critical entities, which included hedge funds, short sellers, investigators, and journalists, were "targeted almost daily for months, and continued to receive messages for years". The report linked the attacks "with high confidence" to the Indian companyBellTroX InfoTech which has a history of other hacking-for-hire operations.[66][67] U.S. prosecutors in New York and the FBI reportedly started an investigation into the hacker-for-hire allegations.[68] Wirecard denied any wrongdoing.[66]

On 20 May 2021,Pav Gill, Wirecard's senior legal counsel based in Singapore who looked after all legal aspects of Wirecard's business and operations in the Asia-Pacific region, revealed himself to be the whistleblower who provided the material exposing the fraud to theFinancial Times.

During June 2023,Singapore's State Court sentenced James Wardhana, Wirecard's international finance manager to 21 months and Chai Ai Lim, Wirecard Asia's Head of Finance, to 10 months of imprisonment.[69]

In January 2026, a Singaporean court sentenced R Shanmugaratnam and James Henry O’Sullivan to 10 and 6.5 years in prison respectively for falsification of accounts related to Wirecard. Shanmugaratnam ran Citadelle Corporate Services in Singapore and issued false confirmation letters for O’Sullivan, claiming that Citadelle held€1.1 billion for Wirecard in various accounts.[70]

Products and services

[edit]

Wirecard was an international supplier of electronic payment and risk management services. Wirecard offered products and services in the areas ofmobile payments,e-commerce,digitisation and finance technology. This comprised the integration of payment methods, payment transactions via e-commerce as well as payment transactions at the stationary checkout (POS). In these areas, Wirecard claimed working in cooperation with 280,000 companies (as of December 2018),[71] includingAllianz,[72]KLM,Qatar Airways,[73]Rakuten.com andTransport for London, among others. The transaction volume in 2018 was US$125 billion[71] and in the first half of 2019 the transaction volume grew by 37.5 per cent to EUR 77.3 billion.[74]

Mobile payments

[edit]

Starting in 2015, Wirecard offered consumers the fully digitalised,[75] mobile payment-app Boon, which works independently of banks ornetwork operators.[76] Boon is based on a virtualMastercard and runs on mobile devices with theAndroid oriOS operating systems. The Android version is currently available in Germany, Austria, Belgium, the Netherlands, Spain and Ireland. In addition, Boon can be used viaApple Pay in France, Great Britain, Switzerland, Spain, Italy, Ireland[77] and Germany.[78]Google Pay supports Boon in France.[79] Boon offers contactless payments viasmartphone andtablet throughNFC[80] as well asonline payments andpeer-to-peer transactions.[81]

In the mobile payments sector, Wirecard negotiated several contracts with telecommunications providers for technical services with regard to mobile smartphone payments based onnear-field communication (NFC). The payment processor offers its partners a mobile card reader as awhite label programme for the acceptance of card payments via smartphones or tablets.

eCommerce

[edit]

In terms ofacquiring,[82] one focus is travel and transport. Already in 2007, Wirecard took over payments andcredit control for the tour operatorTUI,[83][84] and in 2014 forKLM Royal Dutch Airlines.[85] The product Supplier and Commission Payments (SCP)[86] by Wirecard is also made to measure the travel sector. It is based on the automatic output of virtual credit cards and enableselectronic payments to partners and suppliers, for instance for commission payments. In this way international payments can be made viaelectronic transfer ofvirtualcredit card numbers.

Since 2014, Wirecard has offered its Checkout Portal – a fully automated application for easily connecting different payment methods inonline shops, with a focus onSMEs and virtual marketplaces.

Digitalization of the retail sector

[edit]

Wirecard also supports high-streetretail withdigitisation; an example of this is the collaborative project withT-Systems.[87] In 2016, together with theWMF Group, Wirecard developed a mobile app which connects store purchases with online sales.[88]

Alternative Chinese payment methods

[edit]

Wirecard has been collaborating with Alipay since 2015, to offer Chinese tourists a familiar payment method during their travels in Europe. As part of this, Wirecard has integrated this alternative payment method into the till systems of retailers such asPrintemps,The Body Shop andThe National Bank of Greece.[89][90][91] The payment procedure has also been integrated with retailers atMunich Airport.[92]

Since July 2017, Wirecard has partnered withTencent to also offerWeChat Pay.[93]

Card issuing

[edit]

Many companies worked with Wirecard to issue their own payment cards of various kinds. Some well-known partnerships include:Curve; start-up banks such asAtom[94] and money apps includingRevolut[95] andPokit, and spending management apps[96] such as Loot.[97]

Financial data

[edit]
Financial data in € millions[98]
Year2013(2014)(2015)(2016)(2017)(2018)
Revenue4826017711,0281,4902,016
Net income83108143267260347
Assets1,4311,9952,9353,4824,5285,855
Employees1,0251,7502,3003,7664,4495,300

On June 22, 2020, Wirecard announced that financial data for the previous years might be incorrect.[99] According to a report by theSüddeutsche Zeitung, the public prosecutor's office assumes that the company has manipulated balance sheets since 2014.[100]

List of subsidiaries

[edit]

By 2017, Wirecard was a global company, with major presence on all continents.

Wirecard Card Solutions Ltd. (WDCS) was a wholly owned subsidiary headquartered inNewcastle upon Tyne, UK, with an e-money licence that allows it to issue virtual cards. It provided numerous mobile payment applications and Wirecard's own mobile payment app, Boon.

It entered the U.S. market in 2017 following completion of the takeover of Citi Prepaid Card Services, indicating that the business would increase fiscal-year EBITA by $20 million.[101][102] Wirecard took over the Brazilian company MOIP in 2016.[103] The previous year, in 2015, it entered the Indian market with the acquisition of the Great Indian Retail Group's payment business. Wirecard has been strengthening its operations in the Asia-Pacific region, the Middle East and Africa since 2014.[104][105][106][96]

In August 2020, it was announced that Railsbank, a start-up sponsored byVisa, is set to buy the Wirecard's UK-based businesses. No financial information was disclosed and the deal is set to be finished in November 2020. Additionally, the Brazilian business of the company was sold to PagSeguro Digital, a firm based in New York City.[107] In 2021, NomuPay acquired payment licenses from Wirecard's operations in several Asia-Pacific markets (Malaysia, Hong Kong, Philippines, and Thailand) as well as Turkey..[108][109]

See below a list of some Wirecard subsidiaries (Partial list):

Subsidiary companyCityCountry
Wirecard Bank AGAschheimGermany
Wirecard Technologies GmbHAschheimGermany
Wirecard Acceptance Technologies GmbHAschheimGermany
Wirecard Retail Services GmbHAschheimGermany
Wirecard Global Sales GmbHAschheimGermany
Wirecard Communication Services GmbHLeipzigGermany
Wirecard Technologies IndonesiaJakartaIndonesia
Wirecard Card Solutions LtdNewcastle upon TyneUnited Kingdom
Wirecard Central Eastern Europe GmbHGrazAustria
Wirecard S.A.BucharestRomania
Wirecard Ödeme ve Elektronik Para Hizmetleri A.Ş.IstanbulTurkey
Wirecard Processing FZ LLCDubaiUnited Arab Emirates
Wirecard Singapore Pte LtdSingaporeSingapore
Wirecard Payment Solutions Malaysia Sdn BhdKuala LumpurMalaysia
Wirecard India Private LtdChennaiIndia
Wirecard NZ LimitedAucklandNew Zealand
Wirecard Hong Kong LimitedHong KongHong Kong SAR
Wirecard Africa Holdings Proprietary LtdCape TownSouth Africa
Wirecard Brasil S.A.São PauloBrazil
Wirecard North America Inc.ConshohockenUS
Wirecard UK and IrelandDublinIreland
Wirecard Australia A&I Pty LtdMelbourneAustralia

Bibliography

[edit]

See also

[edit]

References

[edit]
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