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Railsbank's acquisition of Wirecard's UK business has entered a new phase with the two parties having signed a term sheet agreement.
Following the collapse of Wirecard in June, the German FinTech giant is now officially winding down its regulated services in the UK.
Faruqi & Faruqi, a leading national securities law firm, reminds American Wirecard investors that they have until September 8 to sign up to be part of a class action lawsuit against the collapsed FinTech.
Following the collapse of the German FinTech giant Wirecard, UK rival Railsbank will reportedly buy the company's British division.
The German Financial Intelligence Unit only sent a fracture of warnings about Wirecard's finances to the police and the public prosecutor's office.
Commerzbank is the latest company to feel the shock waves of Wirecard's collapse, with the beleaguered firm having had a €200m ($237.51m) credit facility with the German lender.
While the Wirecard scandal truly came to light this summer, it seems as if Mastercard and Visa have been concerned for many years about the now insolvent FinTech giant.
Jens Weidmann, president of Bundesbank, has called for German regulators to toughen up its auditing and accounting rules or risk facing another Wirecard scandal.
Markus Braun, the former top boss at disgraced FinTech giant Wirecard, has been arrested for a second time in Munich for his alleged role in a multi-year fraud.