Fintech Curve drops Wirecard after KPMG audit delay

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

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.