When questions are asked, Wirecard’s story changes. Our previous letters to the supervisory board drove Wirecard to bring in KPMG for an independent audit. After two delays by KPMG, we are concerned around the scope of the audit, and are highlighting some concerns that may be missed.
Wirecard first announced the MCA product in November 2018 as mainly Brazil, and at the time the size and growth of MCA in Brazil didn’t make sense to us given our understanding of the size of Wirecard Brazil. We subsequently found the financials that showed no MCA lending in Brazil or Turkey, but some concerning transactions in Singapore. We have also posed questions for management at the recent innovation day, all of which remain unanswered. We have also published our previous letters to Wirecard’s Supervisory Board, highlighting our concerns.
If you'd like to review this initial work:
|Wirecard Brazil (€M)||Our|
|Company Reported MCA||400||400|
|Brazil % Estimate||40%|
|Brazil MCA Estimate||160||160|
|Monthly Credit Volume||37.2||37.2|
|Calculated MCA Balance||18.6||18.6|