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March 10, 2017

Wirecard closes acquisition of Citi Prepaid Card Services

Wirecard, a Germany-based financial services and technology company, has wrapped up the acquisition of the US-based Citi Prepaid Card Services.

By Verdict Staff

Wirecard, a Germany-based financial services and technology company, has wrapped up the acquisition of the US-based Citi Prepaid Card Services.

With the completion of acquisition, which was originally announced in June 2016, Wirecard has expanded its global presence in its core business of payment processing into the North American market.

Citi Prepaid Card Services has already issued over 2,500 card programmes for many international companies including telecommunication service providers, pharmaceutical companies, global IT and electronics manufacturers, Internet and consumer goods corporations and public sector clients, primarily on the North American market.

Wirecard Acquiring & Issuing managing director Susanne Steidl 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 of Citi Prepaid Business, will continue to manage the business together with Susanne Steidl.

Ives said: “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.”

Wirecard said that the existing services, which are provided through 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.

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