Finch Capital’s Nomu Pay snaps up Wirecard APAC entities

UK and Amsterdam-based VC firm Finch Capital has, through Nomu Pay, acquired Wirecard APAC entities: Hong Kong, Philippines, Malaysia and Thailand.

The deal marks the final stage of the break up of the collapsed German payments group.

Wirecard collapsed into insolvency last June in one of the country’s largest accounting frauds.

Nomu Pay also recently announced plans to acquire Wirecard Turkey.

Following these latest deals, it will be active in five countries. It says it will have access to markets of 300 million people and a GDP equal to that of India.

Hans de Back, Managing Partner at Finch Capital, comments: “The Covid-19 outbreak has drastically accelerated Southeast Asia's shift to a cashless world, with unprecedented growth in the number of e-payment transactions.’

“With this acquisition we hope to play a substantial role in the next frontier of the region’s payments infrastructure.”

“Following a challenging bidding process we succeeded in selling the companies for the best possible price and securing substantial flows to the debtors’ assets in Germany,” Michael Jaffé, Wirecard’s Munich-based administrator, told the FT.

Business units “worth retaining” will continue as going concerns, he added.