Japan’s SoftBank to invest $1bn in Germany’s Wirecard

25 April, 2019 12:00 AM printer

BERLIN: Japan’s Softbank is to invest 900 million euros ($1 billion) in beleaguered German financial technology firm Wirecard, or a stake of about 5.6 percent, Wirecard announced Wednesday.

Wirecard, which specialises in payment processing, also announced the signing of a strategic partnership with Softbank, a technology and investment giant, to accelerate its development in Japan and South Korea, reports AFP.

Wirecard, the rising star of Germany’s finance sector, was shaken by a series of Financial Times articles earlier this year accusing the Bavarian company of making false accounting entries in the Asian region.