Finch Capital, the early-stage fintech VC with a presence in London and Amsterdam, is obtaining Wirecard Turkey, a subsidiary of Wirecard, the disgraced fintech out of Germany. The acquisition, for which terms stay undisclosed and is still based on regulative approval, sees Finch produce a new Ireland-registered entity called Nomu Pay.
After facing a big accounting scandal and stopping working to make payments on its own loans, Wirecard entered into insolvency last year. Ever since, various parts of its business have been purchased, including among its biggest properties, Wirecard Solutions, which was acquired by the U.K.’s Railsbank.
Finch’s handling partner Radboud Vlaar tells me Noma Pay’s bigger plan is to purchase payments infrastructure in Turkey and the Middle East area. He says that more information will be supplied on the brand-new entity’s technique and branding when the offer has officially closed.
Describes Vlaar: “We see tremendous development opportunities to even more improve payments for Turkey’s 80 million residents. We are excited to partner with Wirecard Turkey under the management of its CEO Serkan Yasin and we continue to actively search for further M&An opportunities in the region to accelerate its growth and advancement”.
Wirecard Turkey (Wirecard Ödeme ve Elektronik Para Hizmetleri A.Ş.) was developed in Turkey in July 2008 and began its operations the following year as the nation’s first “direct carrier billing” provider. In 2014, it was wholly acquired by Wirecard Issuing & & Obtaining Gmbh, which is a subsidiary of Wirecard AG.
Today, the Turkish company offers various payment services, particularly: direct provider billing, credit card obtaining, and e-money. It has contracts with all three GSM operators and the majority of banks in Turkey, and more than 1,200 merchants.
“There is fantastic talent in Turkey to develop a leading next generation payments business,” includes Vlaar.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.