Tagged: germany

July 7, 2020 @ 10:00 pm By JD Alois  |  

Last week, well-known Insurtech Lemonade (NYSE:LMND) launched an initial public offering (IPO) on the New York Stock Exchange. Shares listed at $29 but quickly moved higher closing over $60/share – a significant move. Today, Lemonade traded at around $80 a share giving the young firm… Read More

July 7, 2020 @ 3:58 pm By JD Alois  |  

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

July 6, 2020 @ 12:19 pm By JD Alois  |  

Multiple reports indicate that Wirecard’s (WDI:DE) top person in Dubai has been arrested. According to Reuters, the Munich prosecutor “questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.” The unnamed executive reportedly… Read More

July 5, 2020 @ 7:17 pm By Omar Faridi  |  

Village Capital helps company founders and business owners through its accelerator program. There are 11 early-stage Fintech firms that will be taking part in Village Capital’s investment-readiness program, called Finance Forward Europe. The initiative is part of Finance Forward, which is a multi-year global coalition… Read More

July 4, 2020 @ 4:45 pm By JD Alois  |  

Jan Marsalek, the former COO of Wirecard AG (WDI:DE) who was fired from his job when €1.9 billion went missing, may have never traveled to the Philippines in late June as records he entered the country were apparently faked, according to a report by Reuters. Marsalek pulled… Read More

July 3, 2020 @ 10:32 am By JD Alois  |  

Wirecard AG (WDI:DE), once a prominent payments Fintech and now a financial debacle due to allegations of massive fraud, continues to try and find a way to survive. Meanwhile, shares in the firm have tanked dropping from over €100/share to now around €3/share as the… Read More

July 2, 2020 @ 3:09 pm By Samantha Hurst  |  

HighRadius, a U.S.-based fintech enterprise Software-as-a-Service (SaaS) company specializing in integrated receivables, announced on Thursday it has continued its European expansion efforts by opening its new Frankfurt, Germany office. Founded in 2006, HighRadius claims its HighRadius Integrated Receivables platform optimizes cash flow through automation of… Read More

July 2, 2020 @ 9:13 am By JD Alois  |  

Wirecard AG (WPI:DE)  has emerged as one of the most embarrassing financial debacles in years in Germany. The implosion of the Fintech has demolished the reputation of the former CEO Markus Braun who was subsequently arrested following the revelation of €1.9 billion in missing funds…. Read More

July 1, 2020 @ 5:10 pm By JD Alois  |  

The German Financial Reporting Enforcement Panel or Deutsche Prüfstelle für Rechnungslegung (DPR) has issued a statement defending its actions in the ongoing Wirecard (WPI:DE) scandal. It was recently reported that the German government had terminated its contract with the DRP, private entity contracted by the… Read More

June 30, 2020 @ 1:56 pm By JD Alois  |  

Wirecard AG (WDI:DE) has posted a notice today that it has officially terminated the employment contract of Dr. Markus Braun who resigned earlier this month following the revelation of £1.9 billion in missing funds. Braun has since been arrested on fraud charges. Currently, he is… Read More

June 30, 2020 @ 7:30 am By Samantha Hurst  |  

Germany-based banking as a service platform solarisBank announced on Tuesday it secured €60 million through series C investment round, which was led by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures.  Founded in 2016, solarisBank claims to be the… Read More

June 29, 2020 @ 3:09 pm By JD Alois  |  

  On June 26, the UK Financial Conduct Authority (FCA) imposed several “requirements” on Wirecard‘s (WDI:DE) activities in the UK. The move was in response to Wirecard’s missing €1.9 billion in funds along with allegations of fraud and other nefarious activities. After an audit uncovered… Read More

June 28, 2020 @ 5:01 pm By JD Alois  |  

The German government has terminated a relationship with the Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR) in the wake of the fallout of the Wirecard (WDI:DE) scandal, according to a report in the Suddeutsche Zeitung. The DPR is an entity that has… Read More

June 28, 2020 @ 4:20 pm By Omar Faridi  |  

IFN Islamic Fintech, a “one-stop-shop” for industry knowledge, networking and communication in the global Islamic financial technology space, revealed on June 26, 2020 that there are now at least 127 Fintech firms globally that reportedly provide a Shariah-compliant product. IFN says that it will soon… Read More

June 27, 2020 @ 6:22 pm By JD Alois  |  

  The Wirecard AG (WDI:DE) saga has gone from bad to worse as allegations of profound fraud cratered the company when its auditor, EY, uncovered a misplaced €1.9 billion in funds. Since the clear operational failure, the former CEO, Markus Braun, has been arrested and… Read More

June 26, 2020 @ 8:17 am By Samantha Hurst  |  

Germany-based banking platform SolarisBank announced on Thursday it has formed a partnership with American Express for a new installment product, “Splitpay.” SolarisBank reported that for the first time, members of a personal American Express Card in Germany will be able to use an installment option… Read More

June 26, 2020 @ 8:10 am By JD Alois  |  

Yesterday, it was reported that Wirecard AG (WDI:DE) had initiated bankruptcy proceedings as the company attempted to stave off a complete financial collapse created by a misplaced amount of funds totaling around €1.9 billion. Allegations of profound actions of fraud immediately followed as the former… Read More

June 25, 2020 @ 7:35 am By JD Alois  |  

Wirecard (WDI.DE) has filed for insolvency following a report €1.9 Billion had gone missing. Shares in Wirecard collapsed on the news trading at around €2.50 a share. It was only last week that shares in Wirecard traded at over €100 a share. Wirecard joined the… Read More

June 24, 2020 @ 9:38 am By JD Alois  |  

The collateral damage of the alleged Wirecard (WDI.DE) fraud will not be fully understood for weeks or months. Earlier this week, disgraced former CEO Markus Braun was arrested by Munich Police. He was soon back out on the street after ponying up a €5 million… Read More

June 24, 2020 @ 9:12 am By JD Alois  |  

Metaco SA, an infrastructure provider for financial institutions entering the digital asset ecosystem, has formed a partnership with Frankfurt School Blockchain Center (FSBC) – a think tank and research center in the digital asset sector.  According to a release, the partnership will see FSBC support… Read More