US-based Syncapay has reached an agreement to purchase the North American business of the collapsed German payments group Wirecard.

Financial terms of the deal, which is subject to approval by regulatory bodies, has not been disclosed.

The companies in their press statement said that Wirecard North America has been re-branded as North Lane Technologies. It will now be combined with daVinci Payments, a Syncapay subsidiary.

Syncapay will be the holding company of the combined company.

The acquisition is backed by private investment management firm Centerbridge Partners.

Centerbridge was joined by Syncapay’s existing equity investors Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.

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North Lane CEO Seth Brennan said: “We would like to extend a sincere thank you to our clients, partners and employees for their invaluable support.

“They remain our steadfast priority, and we could not be more excited to continue to serve them and further expand the boundaries of innovation with our new partners at daVinci.”

daVinci CEO David Josephs said: “We will continue to advance payments across the most relevant form factors and constantly ensure that people are paid when, where and how they want to be paid.”

Syncapay chairman and CEO Juli Spottiswood said: “By bridging the technologies and capabilities of daVinci and North Lane, we will be positioned to sell a broader base of services and benefit from economies of scale to accelerate the growth opportunities for our combined company.”

Centerbridge MD James Kirk added: “Through our investment in Syncapay, we are deeply committed to advancing the organization’s fintech industry footprint and impact, driving further innovative solutions at a broader scale.”

The transaction is expected to be completed in the fourth quarter of this year.