Business
Germany Wonders How Wirecard Could Misplace $2 Billion
The fintech darling was supposed to revive the German tech sector but got dragged down by financial improprieties.
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The question everyone in the German business world is asking these days is as simple as it is perplexing: How, exactly, do you misplace more than $2 billion? That’s the mystery surrounding Wirecard AG.
The darling of the financial community was founded two decades ago as a processor of payments for porn and gambling websites, but it morphed into a developer of software for online transactions with a roster of A-list customers such as FedEx, Ikea, and Singapore Airlines.