Uhoh
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That doesnât look good.
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It looks like the trustees intentially defrauded the auditors over a number of years. Scary that it took a journalist to discover this rather than the auditors though.
Monzo must be glad they removed their dependency on Wirecard a while back, although donât a few other fintechs still depend on their services?
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I swear thereâs something dodgy going on with these every other week.
The auditing business has a lot of corruption.
Theyâve probably raised money showing their run rates and projections and then they lose massive contracts like Monzo and Revolut who went in house, and thereâs all the people with a lot to lose pulling stunts.
From their Wikipedia page
In 2019, KPMG was hired by the German payments company for an independent audit to address the mentioned allegations. Wirecard claimed that KPMG concluded that no discrepancy was determined during the audit.[61] However, on April 28, 2020, Wirecard shares tumbled 26% when its auditor announced that it did not receive sufficient documentation to address all allegations of accounting irregularities.
Seems like this share crash has been a long time coming
Fraud
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May have been mentioned previously - but donât Starling and Revolut integrate to the payments network through wirecard?
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They certainly âdidâ in the same way and at the same time that Monzo did. I havenât heard of that changing yet for either of those two but that doesnât mean that it hasnât.
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I thought that was GPS, not Wirecard?
I believe Dozens might use them though
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Ah. Youâre right. Wirecard were the Monzo prepaid card issuer. It was GPS that was the shared âwhatever they doâ with the others.
How quickly memory fades.
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Only really Anna and Tymit that I have heard of
There are loads more UK based firms that use Wirecard as an issuer. Iâve been scouring the market for prepaid cards for years now and theyâve missed dozens (no pun intended).
German payments company Wirecard files for insolvency after revealing $2 billion accounting black hole
May be the end on Anna? 
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Iâm heartbroken for ANNA. Less so for Curve.
Must be really distressing for people and small businesses with money in ANNA. The money remains safe, but inaccessible.
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Why would anyone in their right mind pick Anna or a smilier e-money institution when they can instead go with a bank such as Monzo or Starling and be isolated from any of this (plus FSCS protection as a last resort)?
@j06 can you explain more about âthe money remains safeâ? Given theyâre asking to withdraw funds by card or FPS, it seems like not only are the cards affected but the money itself is being kept by Wirecard, otherwise there would be no urge to withdraw by FPS.
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Curve just suspended all their cards⌠right after being picked to power samsung pay. Bad timing for samsung.
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