Company Overview
Founded in 1999 and headquartered in Munich, Germany, Wirecard was one of Europe's leading payment platforms, a DAX 30 index constituent with a market value exceeding EUR 24 billion, serving over 250,000 merchants.
However, in June 2020, Wirecard revealed that approximately EUR 1.9 billion in cash on its balance sheet simply did not exist. This shocking scandal led the company to file for bankruptcy quickly, with former CEO Markus Braun arrested and convicted, known as "Germany's Enron."
Core Products and Services
- Credit Card Acquiring: Merchant payment processing.
- Online Payments: E-commerce payment solutions.
- Mobile Payments: Mobile payment.
- Card Issuing: Card issuance.
Core Strengths
- (Discontinued): Wirecard has gone bankrupt.
Key Milestones
- 1999: Wirecard founded.
- 2020: Bankrupt after the fraud scandal.
- 2026: Merchants have migrated.
Market Position
Wirecard has ceased operations; merchants can migrate to the following alternative payment platforms:
- Adyen: A global payment platform.
- Stripe: An online payment platform.
- Klarna: A payment and banking platform.
Related providers: Payment Platform