PayLens /News
M&A
Santander/PagoNxt shuts down Getnet Germany; refocuses acquiring on Latin America and Iberia
What happened
In Q3 2024-2025, Santander's PagoNxt closed Getnet Germany (originally acquired from Wirecard for €100M), taking €170M in writedowns and ~350 Munich job losses. Also shut Superdigital (€73M writedown). Revenue growth slowest since PagoNxt formation in 2020. Refocused Getnet on Spain, Portugal, Brazil, Mexico, Argentina. New CEO Juan Franco joined from Nuvei.
Why it matters
Closure of Getnet Germany directly eliminates Santander as terminal procurement customer in the German market. Broader signal: PagoNxt contracting to markets with strong Santander banking networks, making further European expansion unlikely near-term.
What to watch
Monitor PagoNxt Q1 2026 results for updated revenue and geographic strategy. Track Ebury IPO timeline as capital allocation signal.
Sources
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