Wirecard UK to be bought by Railsbank after downfall of parent company

Disgraced German payment group Wirecard has found a buyer for its UK division in competitor Railsbank, Sifted has confirmed.

Railsbank will acquire WCS’ remaining assets, clients and a number of employees, according to people briefed on the matter. London-based Railsbank confirmed to Sifted it had given a purchase term sheet to WCS, set to be finalised in November, but declined to comment on the amount.

Read more: Sifted