Munich-based IDnow acquires Wirecard Communication Services

IDnow, a Munich-based identity verification provider, is buying Wirecard Communication Services in an asset deal. The takeover comes as bits and pieces of the Wirecard Group are bought or repurposed after the fintech company collapsed earlier this summer. Wirecard UK was recently bought by Railsbank, and an internal innovation team moved as a unit to Berlin-based fintech startup builder, finleap.

As for this deal, the two companies have already been working together for over five years. IDnow will keep and even expand the communication division’s Leipzig location, including most of the 150 employees working there.

In a press release, the Bavarian company said it needs the new team and added capacity to keep up with customer service, after a “sharp increase” in demand spurred by pandemic restrictions.

Photo: IDnow founders

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