Wirecard and Varengold Bank Team Up to Offer Payment Solutions to FinTechs

Hamburg-based financial technology firm Wirecard and Varengold Bank, a German provider of 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 financing, announced today the launch of a new strategic cooperation.

Varengold Bank is a marketplace lender with an extensive track record in refinancing loan and credit portfolios in this sector. The bank has additional presences in London and Sofia and existing partnerships with FinTech firms across Europe, such as LendInvest, Grover, and Monedo (formerly Kreditech).

Together, Wirecard and Varengold Bank will provide ambitious FinTechs looking to scale their operations with access to capital to refinance their loan portfolios, combined with a comprehensive set of white-label payment solutions.

The European FinTech sector is expected to grow 11% CAGR between 2020 and 2025, according to market research firm Adroit.

As FinTech providers grapple to scale at pace to meet surging demand, access to credit is often cited as one of the greatest challenges.

The new cooperation will bring Varengold Bank’s customers closer to Wirecard’s banking-as-a-service expertise, spanning digital banking, prepaid card issuing, acquiring and loan fronting services. Meanwhile, Wirecard’s customers will benefit from Varengold Bank’s capabilities in creating tailor-made financing solutions.

Helping FinTechs grow

“At its core, this collaboration is about fuelling the growth of ambitious FinTech companies. The partnership with Varengold will provide a unique and meaningful offering, helping customers refinance their loan portfolios while simultaneously accessing market-leading payment solutions. These are complementary services which are in high demand, and therefore will unleash added value to our customers,” said Leonard Coen, head of sales financial institutions and FinTech Europe at Wirecard.

“Refinancing loan portfolios can be a significant challenge for any company, but particularly for fast-growth FinTechs in the corporate or consumer credit space looking to expand their operations,” Lukas Diehl, head of marketplace banking at Varengold Bank, said.

“Our message to FinTechs is that we strive to provide the best services in the market. Wirecard shares these this aspiration and, as a preferred partner of Varengold, will be able to provide a range of Banking-as-a-Service solutions that supplement our Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and our own fronting services,” he added.