Technology

Softbank to invest €900m in payment firm Wirecard

Softbank has agreed to invest €900m (£781m) in German fintech firm Wirecard as part of a digital payments partnership in Asia.

The Japanese investment giant has signed a deal to buy five-year convertible bonds in Wirecard, equating to roughly 5.6 per cent of the firms stock, at €130 per share.

Read more: Wirecard shares soar as head office cleared of wrongdoing

Shares in Wirecard rose more than eight per cent this morning following the announcement.

The investment comes as part of a strategic partnership in digital payments, as Wirecard looks to expand in Japan and South Korea.

The German firm said the partnership is also expected to extend to new product and service offerings in digital lending.

“As global innovators, we focus heavily on expanding our networks and creating opportunities for companies with groundbreaking ideas,” said Markus Braun, Wirecard chief executive.

“In Softbank we have found a partner that shares both our passion for new technologies and drive to spearhead the latest innovations, all on a global scale.”

Wirecard has been embroiled in controversy in recent months following allegations of fraud and false accounting at its Singapore office.

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