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Germany’s financial crime unit handed police “only two” of a 1,000 reports it had about suspicious trading activity at Wirecard before the payments firm collapsed in June. The Financial Intelligence Unit (FIU) passed on only a couple of reports about the former fintech champion before June, according to the Munich public prosecutor on Tuesday. Wirecard…
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Monzo said its annual losses doubled and added the coronavirus pandemic raised concerns about the digital bank’s ability to continue as a “going concern”. The fintech posted an annual post-tax loss of £113.8m in its 2020 accounts, up from the £47.1m of losses it posted last year, as it hired new staff and launched in…
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On-the-run Wirecard executive Jan Marsalek (pictured) used Bitcoin to fund his escape to Russia where he is under security service protection. Marsalek is a central figure in the collapse of the German fintech payments company, which filed for insolvency last month with debts of €4bn, after the discovery a €1.9bn accounting black hole that auditor…
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Secretive former Wirecard chief operating officer Jan Marsalek (pictured, far right) has made his way to Belarus or Russia. Marsalek is a central figure in the collapse of the German fintech payments company, which filed for insolvency last month with debts of €4bn, after the discovery a €1.9bn accounting black hole that auditor EY said…
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Monzo has relaunched its premium account as digital banks look for new ways to boost revenue. The UK lender has revamped its Monzo Plus account, which costs £5 ($6.30) a month and comes with perks including 1% interest on balances of up to £2000 and a holographic bank card. The bank pulled its first Plus…
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Revolut has launched a silver trading operation as part of the digital bank’s plans to broaden its fee-paying services to its large customer base. The London-based lender said on Tuesday it will sell silver to account holders in the commodities tab in the wealth section of its app. The feature has an auto-exchange option, which…
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Ten hedge funds including Coatue Management have likely benefited from the collapse Wirecard this week. The companies are estimated to have made are more than €1.5bn ($1.7bn) from bets against the German payments firm. Right before Wirecard fired for insolvency on Thursday, its shares crashed to €,2.5 from €,104.5 a week ago, before the company…
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German payments firm Wirecard filed for insolvency on Thursday as it was revealed the black hole in its accounts means it owes creditors almost $4bn. The national fintech champion was worth $28bn after it was admitted to the DAX stock index two years ago, but now becomes the first company to the admitted to the…
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The former boss of Wirecard, the German payments firm where almost €2bn has gone missing, has been released on bail by the police. Markus Braun (pictured) posted €5m set by a Munich court and walked free one day after turning himself in on Monday evening and being arrested by police, his lawyer Alfred Dierlamm told…
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The world’s oldest peer-to-peer lender Zopa launched its bank on Wednesday, offering a market-leading savings account in a bid to tempt customers. The UK fintech is offering a fixed-term savings account over one to five years, at interest rates ranging from 1.10% to 1.60%, at a time when the Bank of England rate is 0.1%….
