Finch Capital acquires Wirecard’s Turkish operations
Finch Capital has acquired the Turkish operations of Wirecard, creating a new entity – Nomu Pay – in its stead.
Nomu Pay, registered in Ireland, will spearhead Finch’s growth in Turkey and the Middle East. It plans to publish full plans once the acquisition completes.
Wirecard plunged into insolvency in 2020 following its accounting scandal, failing to meet its loan obligations.
Pieces of the Wirecard business have been parcelled out and sold to bidders in the past 12 months, including to UK-based Railsbank and Australia’s Change Financial.
Finch is a series A/B investor in high-growth financial technologies companies. Among its investments are US credit builder Petal, Czechia-based paytech Twisto, and Indonesian fintech Ayoconnect.
“We see tremendous growth opportunities to further enhance payments for Turkey’s 80 million inhabitants,” says Finch managing partner Radboud Vlaar.
“We are excited to team up with Wirecard Turkey under the leadership of its CEO Serkan Yasin and we continue to actively look for further opportunities in the region.”
Wirecard Turkey holds an e-money licence in the country, granted in 2016. The firm has contracts with all three mobile operators in the country, as well as 1,200 merchants.
The deal is expected to complete by the start of Q3 2021, following regulatory checks.
Related: Fintech funding round-up: SeedFi, Libeo, Ember and Finch Capital