How expected The fintech Wirecard from Aschheim near Munich is moving up into Germany's leading index, the DAX—this was announced by Deutsche Börse yesterday after the market closed. At the same time, the company announced a change in strategy.
On September 24, the time has come: Wirecard will be included in the DAX. Commerzbank will have to make way for the MDAX. The Frankfurt-based bank has been included in Germany's most important stock index since its inception.
The fact that the fintech from Aschheim near Munich has taken the place of a long-established bank in the leading index is mere coincidence. Nevertheless, the process marks a symbolic changing of the guard: a leading player in the digital processing of online payments is displacing an offline financial institution. The effect of digitalization can sometimes be so significant.
“Main focus is on organic growth”
Coinciding with its ascent to the top tier of German stock markets, the company announced that it intends to acquire fewer other companies than recently. Chief Financial Officer Alexander von Knoop told the German Press Agency that with the purchase of the US card service Citi Prepaid Card Services, the company is now represented on all relevant continents:
"We will now focus on organic growth and innovation, and only consider acquisitions opportunistically. The primary focus is on organic growth."
Wirecard had previously acquired companies in emerging markets such as Indonesia and South Africa in recent years. In the first half of this year, around half of its revenue growth was attributable to acquisitions.
