Railsbank is buying Wirecard Card Solutions, the UK arm of the disgraced fintech

Looks like another chapter is opening up for Wirecard, the disgraced fintech out of Germany that collapsed into insolvency earlier this year after facing a huge accounting scandal and subsequently failing to make payments on $1.5 billion in loans coming due.Railsbank, the UK startup backed by Visa and others that offers a range of financial and banking services by way of a set of APIs, has agreed to purchase Wirecard Card Solutions, the UK business that includes card technology and associated assets, including existing client business and some employees.Terms of the deal are not being disclosed, but a spokesperson for Wirecard said that the deal is expected to be completed in November and represents a significant part of the bigger Wirecard business.That business, which was publicly traded in Germany, was valued at as much as $19 billion after funding rounds led by the likes of Softbank, and the story of its downfall had been marked out in lots of detail both as it played out and in the months since.Wirecard Card Solutions is a huge operation in and of itself, with strong links into the wider fintech landscape in Europe.