Founded in 2017, Volkswagen’s Luxembourg-based business operated in 32 countries – offering car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging and subscription services, as well as insurance and in-vehicle entertainment.
JPMorgan bought 75% of the business, known as Mobility Payments Solution, from car giant Volkswagen with the intention of taking advantage of what it expected to be a fast-growing in-car payments sector.
However, it has now concluded that the business cannot turn a profit and is shutting it down, with the loss of 33 jobs in Luxembourg, says Bloomberg.
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