Tag: Unzer

Clearhaus, the Danish acquirer owned by Unzer, says it has become the first Danish acquirer to launch a Payment Facilitator (PayFac) solution. The move is strategically important: it lets regulated platforms embed card acquiring directly into their own products while Clearhaus stays in the background as the licensed acquirer. A short FinTelegram analysis.

German investigators have dismantled an international network of online credit card fraud and money laundering as part of the large-scale operation “Chargeback.” Among those arrested, according to German media reports, is Unzer founder Mirko Hüllemann, who is under investigation for suspected fraud and money laundering.

In a startling revelation for the fintech sector, Berlin-based payment service provider Unzer, previously known as Heidelpay, reported a staggering loss of €381 million in 2022. This figure notably surpasses the company's turnover, highlighting deep-rooted financial challenges. According to the recently published annual report, turnover amounted to just under €200 million, around 30% below the target figure the company set itself.

In 2007, the European Union introduced a directive promoting payment service providers as a competitive alternative to traditional banks. However, in the post-Wirecard era, where the German financial watchdog BaFin faced criticism for its oversight, there's a renewed focus on regulating these entities. The rationale is clear: FinTechs and neobanks are increasingly seen as potential avenues for money laundering.

The German regulator BaFin conducted a special audit at payment service provider Unzer. According to insiders, the regulator will soon impose a substantial fine on the payment processor. According to a report in the German Manager Magazine, Bafin could even impose a ban on new business, as it had already done with N26. In addition to money laundering deficiencies, Unzer had business dealings with German businessman Ruben Weigand, who was convicted of running a bank fraud scheme in the U.S.