Wirecard targets fintechs with Varengold Bank partnership

Varengold Bank has named Wirecard as a preferred partner to its fintech customers, which will gain access to its banking-as-a-service expertise, spanning digital banking, prepaid card issuing, acquiring and loan fronting services

Wirecard, the digital fintech based in Germany, has partnered with fintech financing house Varengold Bank to provide startups with access to capital and white-label payment solutions.

Hamburg-based financial services provider Varengold Bank, which serves as a marketplace lender to fintechs such as LendInvest, Grover and Monedo, has named Wirecard as a preferred partner to its customers, which will gain access to its banking-as-a-service expertise, spanning digital banking, prepaid card issuing, acquiring and loan fronting services.

In turn, Munich-headquartered Wirecard’s customers will benefit from Varengold Bank’s capabilities in creating tailor-made financing solutions.

Leonard Coen, head of sales to financial institutions and fintechs in Europe at Wirecard, said the partnership has fuelling the growth of ambitious fintechs “at its core”.

Coen continued: “The partnership with Varengold will provide a unique and meaningful offering, helping customers refinance their loan portfolios while simultaneously accessing market-leading payment solutions. These are complementary services which are in high demand, and therefore will unleash added value to our customers.”

Lukas Diehl, head of marketplace banking at Varengold Bank, added: “Refinancing loan portfolios can be a significant challenge for any company, but particularly for fast-growth fintechs in the corporate or consumer credit space looking to expand their operations.”

“Our message to fintechs is that we strive to provide the best services in the market. Wirecard shares this aspiration and, as a preferred partner of Varengold, will be able to provide a range of banking-as-a-service solutions that supplement our liquidity and our own fronting services.”

Image: Shutterstock

Mark Dugdale