Stripe wins business following Wirecard’s collapse

Business

The U.S. payments company Stripe is picking up some former Wirecard (WDIG.DE) customers, an executive told Reuters.

“It is difficult to count the impact of Wirecard, but we know that some former Wirecard customers switched to Stripe,” said Matt Henderson, who oversees Europe, the Middle East and Africa.

Stripe is unlisted but is valued at $36 billion.

Wirecard filed for insolvency last month owing creditors 4 billion euros ($4.56 billion) after disclosing a 1.9 billion euro hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.