Frankfurt-based Raisin Bank AG is expanding its business to include payments. To this end, the Banking-as-a-Service (BaaS) provider is acquiring the payment services division of Bankhaus August Lenz & Co. AG.
„With the acquisition, Raisin Bank will expand its product range by payment services and also cover cash solutions. The acquisition marks an important strategic step for the bank on its way to becoming a high-performance full-service provider,” according to the press release.
The new business division will enable Raisin Bank to offer its cooperation partners and their customers electronic payment transactions as well as cash solutions. Among its suite of new offerings, the new division will offer comprehensive services in the operation of more than 4,500 ATMs in Germany. Cooperation partners include all major bank-independent ATM operators as well as various retailers, restaurant and petrol station chains.
Raisin Bank’s payment unit will be headed by Mirko Siepmann, who has served as Spokesman of the Board of Bankhaus Lenz & Co. AG for over two decades and built up the payment vertical for Bankhaus August Lenz. All employees working in this area at the Munich location will report to Raisin Bank and will continue to be employed.
Dr. Andreas Wolf, Chief Commercial Officer at Raisin Bank, comments on the acquisition: “As a service bank, the expansion of our payment solutions will make us significantly more independent and powerful and will further drive our growth in the BaaS market throughout Europe. With the new business unit, we can position ourselves even better as a provider for retail payments.”
Mirko Siepmann, Board Member Payment Services at Raisin Bank, explains, “I am very excited to be part of such a dynamically growing group of companies. Our payment business is a perfect addition to Raisin Bank’s existing product range, so that we can convince even more partners and customers of our services. Raisin Bank convinced me immediately with its motivated team, a modern tech platform and its exciting history.”
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The transformation course of the almost 50-year-old Raisin Bank, previously MHB Bank, towards one of the leading BaaS providers in Europe started in 2019 with the acquisition by the fintech Raisin. Today, Raisin Bank implements digital solutions for business models requiring a banking licence for start-ups, institutional investors and financial service providers in the areas of customer and account management, payment transactions and the lending space.
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