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November 18 2020

Santander buys part of Wirecard’s assets for about €100 million

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Banco Santander has closed an agreement to acquire several specialized technological assets of the bankrupted payment solution provider Wirecard.

Read also: Revolut Business now accepts payments online

The entity chaired by Ana Botín has not disclosed the economic terms of the agreement, although sources familiar with the operation have confirmed to Europa Press that it will pay about 100 million euros for this business.

This deal was confirmed this week by the bank itself in a statement, which informs that it will incorporate 500 new employees who will become part of Santander’s global service team for businesses

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These workers will continue to work where they currently are but will be part of Santander’s global merchant services team under the Getnet global franchise.

Wirecard declared itself in the suspension of payments on June 25 this year, after revealing an accounting hole of 1.9 billion euros.

Over the past few months, several fintech executives, including Markus Braun, the former CEO of Wirecard, have been arrested on charges of fraud in connection with the company’s bankruptcy.

According to Ana Botín, the agreement seeks to “offer our clients the best products and payment solutions”, convinced that “Wirecard’s technological assets and talent will accelerate Getnet’s expansion in Europe, while improving our development capacity of products”.

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