German digital payments company Wirecard has secured a colossal €900 million in funding from Softbank's Vision Fund. Structured as a convertible bond, the deal may result in Softbank owning 5.6 percent of Wirecard's stock after five years.
The funding from and the partnership with Softbank will supposedly help Wirecard to expand in Japan and South Korea. In the wake of the news, Wirecard's market cap went past that of the Deutsche Bank for the second time in two months, Bloomberg reported.
The funding news comes as the Munich-headquartered company is undergoing a tough period. Wirecard currently faces a criminal investigation in Singapore where it's accused of money laundering and accounting fraud. According to today's detailed report by the FT, almost all of the company's profits in 2016 and 2017 came from a trio of opaque partners in the UAE, Philippines, and Singapore.