The investment group from the United States, Värde Partners, will become the sole shareholder of WiZink, the digital bank specialized in flexible payments, upon the close of the acquisition of 49% of the shares owned by Santander group since the take-over of its previous owner, Popular bank. It is expected for the regulatory authorities to grant approval the third quarter of this year.

Värde acquired WiZink capital in 2014 with the purchase of 51% of its shares and now, four years later, has acquired the remaining package from Grupo Santander, to which it will transfer the debit and credit card business of the clients of Popular bank. Therefore, this entity will manage its clients' cards through its own branches.

WiZink offers services in Spain and Portugal, focused especially on consumer savings and credit products, and is known, in particular, for its flexible payment solutions. Upon the close of the purchase process and the transfer of the card business, this digital entity will manage over €3 billion in credit card balances of over two million clients in Spain and Portugal, representing practically 90% of its total revenues, in addition to over €3 billion in savings deposits and accounts.

Unique business model
Elena Lieskovska, European Head of Specialty Finance at Värde, and member of the WiZink Board of Directors, explains: “The strength of the WiZink strategy resides in its unique business model, which makes it a major player in the flexible payment segment in Spain and Portugal. The Management Team has achieved its long-term growth by providing clients innovative solutions and services in our market which we believe entail additional potential and positive macroeconomic trends”.

The Managing Director of WiZink, Iñaki Perkins, adds: “Our value proposal for credit and savings products is designed to anticipate the changing needs of our clients through an increasingly digital experience. With the ongoing support of Värde Partners, our objective is to strengthen our position in the flexible payment segment and to take advantage of opportunities for growth in this evolving market”.