Wirecard Finishes the Acquisition of Citi Prepaid Card Services

Wirecard Finishes the Acquisition of Citi Prepaid Card Services
10.03.2017 09:30 am

Wirecard Finishes the Acquisition of Citi Prepaid Card Services

M&A Deals

Wirecard has today successfully completed the acquisition of the business of Citi Prepaid Card Services previously announced by Wirecard on 29 June 2016.

Wirecard, a leading global group of companies in the area of payment processing and card issuing, can now boast more than 100 new employees in Conshohocken, Pennsylvania and an additional 20 employees in various international locations. With this acquisition, Wirecard AG has expanded its global presence in its core business of payment processing into the North American market. 

Citi Prepaid Card Services has already issued more than 2,500 card programmes for large international companies, primarily on the North American market. The customers of the acquired business include leading telecommunication service providers, pharmaceutical companies, global IT and electronics manufacturers, Internet and consumer goods corporations and public sector clients. The portfolio largely comprises incentive and compensation cards, as well as corporate disbursement programmes for salaries or travel.

Susanne Steidl, Managing Director of Wirecard Acquiring & Issuing GmbH said: “We are excited to offer our American customers the latest products in the area of completely digitalised prepaid cards and mobile payment solutions via our global platform.”
Deirdre Ives, Managing Director, who will continue to manage the business together with Susanne Steidl, added: “In addition to introducing the latest technologies from the digitalised card sector, we will also be launching the global PSP acquiring and omni-channel solutions from Wirecard onto the American market.”

The existing services offered via the acquired prepaid card business will be expanded to include additional functions so that corporate customers can quickly benefit from value added services, such as digital card solutions, which can be loaded in real time.

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