Bulgaria-based fintech company Paynetics said on Friday it acquired through its UK business the corporate payout card portfolio part of the business of Munich-headquartered peer Wirecard in UK and Ireland. 

“The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programmes,” the Bulgarian e-money company said in a statement.

As part of the acquisition, Paynetics will provide its new customers with a fast, secure and seamless transition, together with a strategic product roadmap for the future development of these programmes, which until now faced the prospect of termination.

“This is a flagship deal for Paynetics, and a crucial milestone for us in terms of our expansion in the UK and European markets. But it’s also a game changer for our new customers, who are now in a safe pair of hands and have the certainty of a clear roadmap ahead for their businesses,” Valeri Valtchev, co-founder of Paynetics, said in the statement.

Paynetics also said it appointed Mike Peplow as CEO of its UK business.

“Through this acquisition, we have not only proven our technological competence and the industry’s confidence in our proposition, but also that our products and services are fit for purpose for large, corporate organisations,” Peplow noted in the statement.

Earlier this year, Paynetics raised 2.5 million euro ($2.9 million) in a funding round led by Bulgarian-American Credit Bank (BACB) and venture capital fund New Vision 3. Paynetics plans to invest the money in expansion of its European business for issuing and accepting of payment cards, managing payment accounts and technological e-wallet solutions, the company said at the time.

Sofia-based Paynetics is a regulated e-money institution, passported to provide its services across the EU and the UK. It pioneers innovative and comprehensive payment solutions in card acquiring and issuing, account management, bank transfers and e-wallets, according to information published on its website. 

Wirecard UK&Ireland offers electronic payment and risk management solutions, banking as well as back office services tailored specifically to the needs of merchants whose business activities are limited to the British retail market.