Wirecard business has been unprofitable for several years

The audit revealed that the problems of the bankrupt company, which issued cryptocurrency cards, turned out to bemuch deeper than previously thought.

The business of the German fintech company Wirecard wasunprofitable over the past few years. This was shown by an audit of the company by KPMG. It took place at the end of last year, however, the results were published by the Financial Times only now.

Auditposted that the entire core of Wirecard's business: processing payments in Europe and issuing credit cardsThe Company claimed that thisBusiness accounts for half of the revenue. KMPG found that by the end of 2018, which was the most successful in the history of the company, the operating losses of its own business reached 74 million euros with a capitalization of 24 billion euros.

In 2017, losses were 3 million euros.about the fact that unprofitable in recent yearswas not only business in Southeast Asia, to which the company attributed an extra 1.9 billion euros, but also the main business.

The former head of Wirecard was arrested in late June. He is suspected of overstating the company’s income and distorting its balance sheet data in order to increase the attractiveness of Wirecard to investors and customers. Earlier that day, the fintech project announced that the 1.9 billion euros that were previously thought to be in its accounts were actually absent.

</p></p>