Meet the German Fintech That's Now Worth More Than Deutsche Bank
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A payments provider that gets 5 percent as much revenue as Deutsche Bank AG is now worth more than the German lender deemed by regulators to be one of the world’s most important banks.
Wirecard AG, based in a the Munich suburb of Ascheim, overtook Germany’s biggest bank by market value on Monday, riding a wave of investor enthusiasm for payments companies. The stock, which has climbed by more than 84 percent this year, is set to join the country’s benchmark DAX index next month, possibly at the expense of Commerzbank AG.