Wirecard North America Inc. Pursues Acquisition
Wirecard North America Inc., a separate legal and business entity of Wirecard AG with over 20 years in the payments industry, announced that it is seeking acquisition. An investment bank is coordinating the sale process.
Wirecard North America is a self-sustaining entity that is substantially autonomous from Wirecard AG. Wirecard North America was formerly the Citi Prepaid Card Services business, which Wirecard AG acquired in 2016. Since the acquisition, Wirecard North America has remained a separate legal entity. Wirecard AG will continue to have no impact on decision-making and financials at Wirecard North America.
Wirecard North America’s cardholders and client funds remain safe and protected at well-capitalized, independent US and Canadian partner banks – Sunrise Banks, Fifth Third Bank and Peoples Trust Company – with verifiable documentation of accounts. All contractual obligations will continue to be honored. Relationships with issuing banks and vendors will also continue to be sustained and operated without any disruption. Additionally, Wirecard North America leverages Mastercard and Visa licenses on behalf of its bank partners and does not hold these directly.
Seth Brennan, Managing Director of Wirecard North America, said: “Wirecard North America continues to operate without any disruption to clients and cardholders. The strong, independent cash flow and financial position of Wirecard North America allow us to operate the business on a completely standalone basis. Our valued customers and partners remain our top priority, while the dedicated North America team continues to ensure that there is no interruption in our day-to-day processes.”