Fintech Curve drops Wirecard after KPMG audit delay

By Daniel Lanyon on Wednesday 29 April 2020

Alternative LendingDigital BankingSavings and Investment

The 'all-in-one' digital banking app, which raised $55m last year, is taking its e-money services in house.

Fintech Curve drops Wirecard after KPMG audit delay
Image source: Shachar Bialick/Curve

Digital banking app Curve is bringing its e-money services in-house, ditching a longstanding use of Wirecard, which is currently embroiled in audit issues. 

German payments company Wirecard, the listed fintech company, is undergoing a special audit by KPMG that is currently seeing further delays, according to media reports last week. Its share price fell by more than a quarter in one day on Tuesday as investors became jittery over the firm.

KPMG is undergoing a special audit lasting six-months of Wirecard. It said it could not, however, put its name to the firm's reported sales and profits numbers from third parties, The Financial Times reported yesterday

Wirecard has been Curve's e-money issuer since its launch.

Curve said in a note to its customers seen by AltFi: "This change has no impact on how you currently use Curve, however, we are required to inform you of this operational change which we expect will take effect 28 June 2020.”

Curve raised $55m in its Series B funding round last year, valuing the company at $250m.

Curve declined to comment for this article.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.