Statement on the cooperation with Wirecard Card Solutions Ltd. within the cadooz card program

As of: July 02, 2020


Credit top-up cadoozCard plus can be used again via cadoozCard Office

The cadoozCard plus is provided by Wirecard Card Solution Ltd. ("WDCS"), which is a British subsidiary of Wirecard AG.

cadooz GmbH, based in Hamburg, is neither organizationally nor legally linked to Wirecard or one of the Wirecard subsidiaries. The business operations of cadooz continue unhindered.

In connection with Wirecard AG's filing for insolvency, the British Financial Services Authority (FCA) had decided to suspend the business operations of Wirecard Card Solution Ltd. (WDCS) from June 26 to June 30, 2020, in order to protect customer funds, and subsequently released it again. As a result, customers now have access to their credit balance again and our cadoozCard plus customers can use their cards again. We very much regret the inconvenience caused to our cadoozCard plus customers who were temporarily unable to access their credit balances in the past few days. 

Since our primary goal in this context is to protect our cadoozCard plus customers, we are already working on suitable security measures. For this reason, the credit top-up, which is now working again via our cadoozCard Office, is concentrated on manual top-up. For the time being, recurring topping up remains deactivated for the protection of customers.

As of: June 30, 2020

 

cadoozCard plus can be used again:

Following temporary suspension of the business operations of Wirecard Card Solution Ltd. (WDCS) by the British Financial Conduct Authority (FCA) on June 26, 2020, and a temporary block on WDCS accounts in connection with the petition for insolvency filed by Wirecard AG, the FCA have now announced that WDCS may resume its business operations as of June 30, 2020. As WDCS is the issuer of the cadoozCard plus, the suspension meant that end customers who hold an cadoozCard were temporarily unable to use the card or gain access to their funds. According to the FCA, customers should be able to access their funds again from June 30. Based on this information, we assume that cadoozCard plus customers will be able to use their cards again shortly.

 

Read further details here:

As of: June 29, 2020

 

cadooz GmbH business statement with respect to the cadoozCard prepaid mastercard (“cadoozCard plus”) and Wirecard Card Solution Ltd.

The cadoozCard plus are issued by Wirecard Card Solution Ltd. (“WDCS”), which is a subsidiary of Wirecard AG.

cadooz is neither organizationally nor legally linked with Wirecard or any Wirecard subsidiaries under company law. The business operations of cadooz will be continued unhindered, and are not restricted. Our utmost goal in this context is to protect our cadoozCard plus customers.

 

cadoozCard plus cannot be used for the moment:

In the context of the application for insolvency by Wirecard AG, the British Financial Conduct Authority (FCA) temporarily suspended the business operations of WDCS on June 26, 2020 and temporarily blocked the WDCS accounts for the protection of customer funds. As WDCS is the issuer of the cadoozCard plus, this means that end customers who hold an cadoozCard plus are not currently able to use the card or load funds onto it, and do not have access to their funds.

 

As of: June 26, 2020

 

Dear valued customer,

we have been informed that the British Financial Services Authority (FCA) has examined the Wirecard subsidiary Wirecard Card Solutions Ltd. (WDCS) and has temporarily prohibited its business operation. Accordingly, WDCS is not allowed to conduct regulated activities, which has led to WDCS accounts being temporarily blocked by FCA. This means that cadoozCard plus owners cannot use it and do not have access to their credit, at the moment (The technical restriction of the cards is currently being implemented by Wirecard).

The official statement of the FCA can be found here. Based on our current investigations, we assume that this is purely a precautionary measure by the FCA, but due to the dynamic development regarding Wirecard, we cannot make a binding statement on this. Our most important goal is to protect our customers and, if necessary, avoid any further issues. For this reason, we would like to stop charging the cadoozCard plus until further notice. We will carry out the necessary technical measures on our part today. We would also like to ask you to inform your employees as well.

We regret the current situation very much and are committed to keeping the inconvenience for our customers and partners as low as possible. We will inform you about the next step separately in the next few days.

 

cadooz GmbH