Wirecard deals with AUTO1 the first SoftBank alliance

On Thursday, the German payment company Wirecard AG said it was joining the AUTO1 Group platform to provide digital financial services to customers in its first alliance with a company backed by the Japan SoftBank group.

Wirecard won an alliance in April with SoftBank, whose Vision Fund stands behind such companies as Uber, Didi Chuxing, Grab and Ola. As part of the deal, SoftBank is also buying $ 1 billion in convertible bonds from Wirecard.

Investing from the world’s largest private technology company marked a vote of confidence after Wirecard faced allegations of fraud in a series of investigative reports by the Financial Times.

Companies in a joint statement AUTO 1 say the Berlin-based car trading platform will provide individual financial services through Wirecard smartphone payments and banking applications.

Wirecard told shareholders that he sees the lucrative potential of 209m euros and 273m euros ($ 235m – $ 307m) from its SoftBank alliance over five years. The Japanese conglomerate had invested $ 460 million in AUTO1 last year./Investing.com

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