Menu

Wirecard and Varengold Bank provide payment solutions to FinTech firms



Digital financial technology provider Wirecard and FinTech financing provider Varengold Bank announced the launch of their strategic cooperation in providing FinTechs with access to capital to refinance their loan portfolios, combined with a comprehensive set of white-label payment solutions.

According to a market research firm Adroit, the European FinTech sector is expected to grow 11% CAGR from 2020 to 2025. Access to credit is often said to be one of the biggest challenges FinTech providers face as they grapple to scale at pace to meet surging demand. Hamburg-based Varengold Bank with offices in London in Sofia, is a marketplace lender with an experience in refinancing loan and credit portfolios in this highly dynamic sector. The bank has existing partnerships with FinTech firms across Europe, including LendInvest, Grover, and Monedo (formerly Kreditech).

partnership

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

Leonard Coen, Head of Sales Financial Institutions & FinTech Europe at Wirecard commented:

Leonard Coen

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 & FinTech Europe at Wirecard.

Coen continued:

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,” said Lukas Diehl, Head of Marketplace Banking at Varengold Bank. “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 and our own fronting services.

 

arrow

Wirecard and Varengold Bank provide payment solutions to FinTech firms

4

Send this to a friend