Worldline Drops in Fresh Warning for Europe’s Fintech Sector
- Firm cuts outlook citing weakness in consumer spending
- Industry has been under pressure after enjoying pandemic boom
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Worldline SA sent a fresh shockwave through Europe’s fintech sector on Wednesday, cutting its sales outlook and warning of economic challenges that pushed its stock down by more than half.
The French-based payment processor, which services more than 1 million merchants globally, cited weakness in the German market and increasing fraud and cybercrime risks that prompted it to cut ties with some clients. The stock plunge wiped €3.8 billion ($4 billion) off the market value, lowering it to about €2.7 billion.