Here’s how Wirecard went from analyst darling to a $2.2 billion accounting scandal “” and cost SoftBank hundreds of millions in the process

  • Date: 24-Jun-2020
  • Source: Markets Insider
  • Sector:Economy
  • Country:Qatar
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Here’s how Wirecard went from analyst darling to a $2.2 billion accounting scandal “” and cost SoftBank hundreds of millions in the process

Here's how Wirecard went from analyst darling to a $2.2 billion accounting scandal “” and cost SoftBank hundreds of millions in the process

REUTERS/Michael Dalder

Wirecard, one of Europe's leading financial technology companies, is at the heart of one the region's biggest corporate accounting scandals in recent years.

The company's shares have plunged over 80% ever since it admitted auditors could not trace €1.9 billion in its financial accounts.

Last week the firm's chief executive resigned, and on Monday night, he was arrested.

Tech investing giant Softbank stands to lose hundreds of millions of dollars because of the scandal, while it begs numerous questions for the European fintech industry.

Business Insider rounded up a timeline of events that led to the scandal surrounding the once-valuable fintech group.

Visit Business Insider's homepage for more stories.

Wirecard AG, a German payments processor, was once touted as a darling among analysts and investors for its growth story, which saw it go from a minor player to one of Germany's biggest companies in just over a decade.

After scrapping its financial results for the fourth time in mid-June and declaring that 1.9 billion euros that had gone missing from its balance sheet probably doesn't actually exist, Wirecard came under intense scrutiny leading