Munich Startup IDnow Buys Wirecard Communication Services

IDnow, a Munich-based identity verification provider, has announced the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Wirecard Communication Services GmBH, the Leipzig-based subsidiary of the Wirecard Group, in an asset deal today.

This came as the Wirecard Group entered into insolvency following the missing €1.9 billion from its books. The top executives, including its former long-running CEO, Marcus Braun, of the German Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company are now facing litigation for their alleged involvement in cooking the books.

The company cited a sharp increase in demand for its products as the reason behind this acquisition. With Wirecard assets, IDnow is planning to enhance the service quality of its products, by increasing its response to customers

“With the integration of Wirecard Communication Services into the IDnow Group, we are seizing the opportunity to further improve our range and service quality for our customers,” IDnow CEO Andreas Bodczek said in a statement.

IDnow was also a client of Wirecard for more than five years.

“We have worked in close collaboration with this division of the company for several years and greatly appreciate the qualifications and experience of its employees. We are on a strong growth path and will maintain and further develop the Leipzig location,” Bodczek added.

The new owner of the Wirecard subsidiary will retain the majority of the 150 employees working at the Leipzig office.

New Owners

The collapse of the parent company also put other global subsidiaries of the fintech organisation up for grabs. Railsbank agreed to acquire the UK business of the collapsed fintech, and while many potential buyers also lined up to acquire its Asian and North American subsidiaries.

“We are delighted to have found in IDnow a buyer who appreciates and knows our company and has such a friendly culture. Personally, I am very pleased to stay on board and work in the team at IDnow,” Amra Blume, managing director of Wirecard Communications Services, said.