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May 15, 2020

Wirecard shows resilience amid Covid-19 with increase in Q1 revenues

Wirecard has remained undeterred by the turbulent market conditions triggered by the coronavirus pandemic and reported a 24% year-on-year surge in consolidated revenues.

The German payments firm’s consolidated revenues were €700.2m ($758.4m) in Q1 2020, versus €566.7m in the previous year.

The preliminary figures revealed that earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 26% to €199.2m from €158m over the period.

Wirecard CFO Alexander Knoop said: “We have made a good start to the new financial year. However, the Covid-19 effects had a negative impact on our airline and travel business.”

“We were able to largely offset these effects by growth in our online business in the consumer and digital goods sectors. Our new customer business continues to develop strongly.”

Wirecard’s management board confirmed its forecast of EBITDA between €1bn to €1.12bn for the 2020 fiscal year.

Wirecard recently partnered with Varengold Bank to assist fintechs looking to scale their operations.

Through the alliance, fintechs will gain access to capital to refinance their loan portfolios, and a set of payment solutions.

Last month, the company inked a deal to act as the preferred payment processor for Visa in the Middle East region.

The partnership is expected to bolster the Visa Fintech Fast Track Program in the region.

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