Today, the UK financial regulator, the Financial Conduct Authority, has suspended the activities of Wirecard’s UK subsidiary; this is having an impact on UK fintechs such as Curve, Revolut and Pockit that have relied on Wirecard’s services; Curve issued a statement saying that users will see some impact: “Following the shutdown of Wirecard Card Solutions Limited by the Financial Conduct Authority, Curve customers have today been informed that they are likely to see a temporary disruption to their service and are advised to carry an alternative payment method”; Curve had already started looking for alternatives and became a principle member of Mastercard in April so the outage will be for a limited period of time; Revolut is believed to have already migrated services away from Wirecard and Pockit has assured customers that all cardholder funds are safeguarded but the company has yet to make a statement. Forbes.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.