Wirecard boasted of partnerships as it built an image as a fast-growing payments firm. Some were promoted without the agreement of the companies involved.
Before it unraveled in an accounting scandal, Wirecard AG built up an image as a fast-growing financial technology company. It spewed out news releases publicizing partnerships with blue-chip names such as SAP SE, Zurich Insurance Group and SoftBank Group Corp.
The Wall Street Journal found that some of those partnership announcements were misleading or were promoted without the agreement of the companies involved. The Journal reached out to more than 300 companies with which Wirecard said it had entered partnerships or collaborations.
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