Wirecard completes Citi Prepaid acquisition
Wirecard AG has finalised its acquisition of Citi Prepaid Services.
First announced in June 2016, the deal expands Germany-based Wirecard’s prepaid payment processing business in North America and brings more than 120 former Citi Prepaid employees under the Wirecard umbrella. Headquartered outside Philadelphia, Citi Prepaid Services has issued more than 2,500 card programmes — mainly incentive and compensation cards, as well as corporate disbursement programs for salary and travel. Clients include major telecom providers, pharmaceutical companies, global IT and electronics manufacturers, Internet and consumer goods corporations and public sector entities.
Citi first announced plans to spin off its prepaid business in 2015.
Under Wirecard, Citi Prepaid’s existing services will be expanded to include additional functions such as digital card solutions, which can be loaded in real time. Citi Prepaid head Deirdre Ives will continue to manage the business, along with Susanne Steidl, managing director, Wirecard Acquiring and Issuing GmbH.
“We are excited to offer our American customers the latest products in the area of completely digitalized prepaid cards and mobile payment solutions via our global platform,” Steidl said.
“In addition to introducing the latest technologies from the digitalized card sector, we will also be launching the global PSP acquiring and omnichannel solutions from Wirecard onto the American market,” Ives noted.
