Wirecard has agreed to buy Chinese payments firm AllScore Payment Services to expand its global technology platform through cross-border licences.

The German payment firm will acquire 80% of AllScore shares for a cash payment of up to €72.4m.

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It also has an option to acquire the remaining 20% stake in the Chinese firm after two years for a maximum consideration of €20.2m. This is subject to the achievement of post-closing EBITDA targets.

Additionally, AllScore will be entitled to an earn-out payment of up to €16.7m, based on the fulfilment of EBITDA targets in 2020 fiscal.

Wirecard CEO Markus Braun said: “We are excited to share the news of Wirecard entering China. The Chinese market represents a tremendous opportunity for Wirecard.

“The licences are a perfect match to the global platform strategy of Wirecard.”

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Currently, AllScore founder and CEO Yao Lin and Shanghai Aiwu Investment Management hold a majority stake in the company.

Established in 2007, AllScore is a payment services provider with a licence portfolio. The acquisition of the business will enable Wirecard to provide Chinese merchants cross-border acquiring services and settlement in Chinese Yuan (CNY).

Concurrently, foreign Wirecard merchants can cater to Chinese consumers and settle transactions in respective local currencies through the deal, the German firm noted.

Furthermore, Wirecard can now issue individual and business payment cards in China.

Notably, the German fintech introduced a new payment app, called boon Planet, last month.