Wirecard is 'beyond salvagable,' according to one analyst, who says the company's rivals won't be able to benefit from its downfall

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• Munich-based Wirecard, founded in 1999, was established with the intention of assisting websites with credit card payment collections from customers.
• In the past week, the company has witnessed a spectacular fall from grace amid a massive accounting scandal, its former CEO's arrest, and an insolvency filing.
• But can fintech rivals benefit from its downfall? One analyst says that it is possible.
• Wirecard is "beyond salvageable," Neil Campling, Head of TMT Research at Mirabaud Securities said.
• Visit Business Insider's homepage for more stories.

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German fintech group Wirecard became one of the hottest European stocks while battling endless allegations of fraud.

The former-CEO Markus Braun claimed a clean sheet for the company until as recently as May 17 when he tweeted: "When all the noise and dust settles, Wirecard will still be a company that generates a billion Euro of EBITDA this year and is one of the fastest growing in its industry."

See the rest of the story at Business Insider

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