German payments company Wirecard has grown spectacularly and some expect an equally spectacular fall. The fintech star’s best defense is to explain its rise much more clearly.

Wirecard, which last year overtook the market value of Germany’s two largest listed banks, shouldn’t be that complicated. It is meant to be a scalable, technology-driven company that processes transactions for retailers and offers some risk-management services. But a history crowded with acquisitions has made its accounts complex and hard to follow,…

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