Finch Capital Acquires Wirecard Turkey - Fintech News

Finch Capital to Acquire Wirecard Turkey, Forming Nomu Pay

Finch Capital, a venture capital firm specializing in early-stage fintech companies with offices in London and Amsterdam, is set to acquire Wirecard Turkey. This subsidiary belonged to Wirecard, the German fintech firm that collapsed following a significant scandal.

Deal Details and Regulatory Approval

The financial terms of the acquisition have not been publicly disclosed and are currently awaiting regulatory approval. Upon completion, Finch Capital will establish a new entity registered in Ireland, to be known as Nomu Pay.

Wirecard's Insolvency and Asset Sales

Last year, Wirecard entered insolvency proceedings after a major accounting scandal and subsequent loan defaults. Following this, various segments of the business have been sold off to different entities.

Notably, Railsbank, a U.K.-based company, previously acquired one of Wirecard’s most valuable assets, Wirecard Solutions.

Nomu Pay's Strategic Focus

According to Radboud Vlaar, Managing Partner at Finch Capital, Nomu Pay intends to focus on investing in payments infrastructure within Turkey and the broader Middle East region.

Further details regarding the new entity’s strategic direction and branding will be revealed once the acquisition is officially finalized.

Vlaar on Growth Opportunities

“We recognize substantial opportunities for growth by improving payment solutions for Turkey’s population of 80 million,” explains Vlaar. “We are enthusiastic about collaborating with the Wirecard Turkey team, led by CEO Serkan Yasin, and will continue to actively pursue additional M&A opportunities in the region to foster growth and development.”

Wirecard Turkey's History and Services

Established in Turkey in July 2008, Wirecard Ödeme ve Elektronik Para Hizmetleri A.Ş. commenced operations the following year as the nation’s first provider of “direct carrier billing” services.

In 2014, Wirecard Issuing & Acquiring Gmbh, a subsidiary of Wirecard AG, completed a full acquisition of the Turkish company.

Current Payment Services Offered

Currently, Wirecard Turkey delivers a range of payment services, including:

• Direct carrier billing
• Credit card acquiring
• E-money services

The company maintains contracts with all three major GSM operators and a majority of banks in Turkey, serving over 1,200 merchants.

Turkey's Talent Pool

Vlaar concludes, “Turkey possesses significant talent for the creation of a leading, next-generation payments company.”