Payments provider, Wirecard, and financing firm, Varengold Bank, have partnered to provide FinTech companies with capital to refinance their loan portfolios, combined with a set of white-label payment solutions.
The European FinTech sector is expected to grow by 11% between 2020 and 2025, according to market research firm Adroit. As FinTech providers grapple to meet demand, access to credit is often cited as one of the greatest challenges. Varengold Bank, is a marketplace lender with a track record in refinancing loan & credit portfolios in the FinTech sector.
The partnership will bring Varengold Bank’s customers closer to Wirecard’s banking-as-a-service expertise, spanning digital banking, prepaid card issuing, acquiring and loan fronting services. Meanwhile, Wirecard’s customers will benefit from Varengold Bank’s capabilities in creating tailor-made financing solutions.
The partnership with Varengold will provide a unique and meaningful offering, helping customers refinance their loan portfolios while simultaneously accessing market-leading payment solutions. These are complementary services which are in high demand, and therefore will unleash added value to our customers.
Leonard Coen, Head of Sales Financial Institutions & FinTech Europe, Wirecard