The growth in Fintech has been nothing short of extraordinary over the past half a decade or so, and it is going to continue for the foreseeable. The development of technology and the wide use of smartphones as well as the internet made it possible for the Fintech industry to grow at a breakneck pace. It has proven to be one of the biggest developments in the tech and finance industries, which is why the industry has grown significantly in most countries across the world. The German Fintech industry has grown rapidly for the past few years, and one of the most interesting companies in the industry is Wirecard.
The company has grown impressively over the past few years, and today it signed a highly significant deal with one of the best-known tech investors in the world. Wirecard announced today that it has inked a deal with SoftBank owned Brightstar by way of which there is going to be a sharp rise in transaction volumes. Fintech companies need high transaction volumes to grow into larger companies, and hence, this is a deal that should help Wirecard immensely in the long run. According to the terms of the deal, all digital financial transactions on a platform managed by Brightstar are now going to be handled by Wirecard, and that could result in a significant spike in transaction volume. The companies are also looking at ways to further strengthen their cooperation across a wide range of activities at this point.
In this regard, it is important to point out that SoftBank is also a partner in Wirecard and to further grow the company, the tech giant decided to broker the deal with its own company Brightstar. Brightstar is one of the many companies that are controlled by SoftBank, and it is based in the United States. After the deal was completed, Wirecard sent out a statement. The company said,
Together, we expect to bring a variety of new solutions to the mobile services market on a global scale, and we anticipate significant transaction volume out of this deal.
It has not yet been announced when the partnership is going to be operational, but it is an interesting partnership and one that could be beneficial for both companies.