Wirecard Acquiring & Issuing GmbH, a fully owned subsidiary of Wirecard AG, has sold its North American operations to Syncapay Inc., a U.S. payment solutions company.

The transaction, which should be final by the end of the month, is subject to regulatory approval. Wirecard North America issues compensation, disbursement, consumer incentives and refund cards, according to a press release.

Syncapay's acquisition of Wirecard's North American operations is backed by private investment management firm Centerbridge Partners L.P. and existing Syncapay shareholders that include Bain Capital Ventures, Silversmith Capital Partners, MissionOG and NYCA.

"We are very happy with this solution for Wirecard North America. With this transaction we have achieved an important milestone in our sales efforts in the best interest of the creditors of Wirecard AG," Dr Michael Jaffé, the insolvency administrator for Wirecard said in the release.