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How German Fintech Darling Wirecard Fell From Grace: QuickTake

June 26, 2020, 4:53 PM

Until June, German payments company Wirecard AG was a hot growth story that had shaken off allegations of accounting fraud. Then came the admission that about $2 billion of company funds had gone missing. The scandal led to the resignation and arrest of the company’s former Chief Executive Officer Markus Braun, with the company filing for court protection from creditors. More executives, banking officials, auditors and even regulators may become ensnared as the broad impact of Wirecard’s potential demise rattles Germany’s financial industry.

1. What does Wirecard do?

Wirecard is a developer of software and systems for online payments...

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