July 17, 2020 / 10:56 AM / 21 days ago

Stripe wins business following Wirecard's collapse

FILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert/File Photo

BERLIN (Reuters) - The U.S. payments company Stripe is picking up some former Wirecard (WDIG.DE) customers, an executive told Reuters.

“It is difficult to count the impact of Wirecard, but we know that some former Wirecard customers switched to Stripe,” said Matt Henderson, who oversees Europe, the Middle East and Africa.

Stripe is unlisted but is valued at $36 billion.

Wirecard filed for insolvency last month owing creditors 4 billion euros ($4.56 billion) after disclosing a 1.9 billion euro hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.

Reporting Nadine Schimroszik; writing by Tom Sims

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