- Raisin Financial institution has agreed to amass the cost division of Bankhaus August Lenz.
- The transfer will assist Raisin Financial institution diversify its income sources by including cost providers to its product lineup.
- Phrases of the deal weren’t disclosed.
Banking-as-a-service participant Raisin Financial institution is including money and cost providers to its product lineup. This comes because the Germany-based agency has acquired the cost division of Bankhaus August Lenz, a non-public financial institution headquartered in Munich. Monetary phrases of the settlement weren’t disclosed.
The transfer will assist Raisin Financial institution diversify its income sources by including cost providers. The brand new capabilities allow Raisin Financial institution to supply prospects digital cost transactions and money options. Bankhaus August Lenz’s Mirko Siepmann will head up the brand new division, which goals to assist retailers, restaurant, fuel stations, and non-bank operators of ATMs, facilitate the operation of greater than 4,500 ATMs in Germany.
“As a service financial institution, we are going to act rather more independently and powerfully with the growth of our cost options and proceed our progress within the banking-as-a-service market all through Europe advance,” mentioned Raisin Financial institution Chief Business Officer Dr. Andreas Wolf. “With the brand new enterprise space, we are able to place ourselves even higher as a supplier for bulk funds.”
Raisin Financial institution, beforehand MHB-Financial institution, was based in 1973. The financial institution acquired European fintech Raisin in 2019 and has since been working towards its objective to develop into the main banking-as-a-service supplier in Europe. The financial institution presents digital options to assist startups, institutional buyers, and monetary service suppliers in search of banking licenses to reinforce buyer and account administration, cost transactions, and lending. Raisin Financial institution said in at the moment’s press launch that including cost providers represents an “essential strategic step on the way in which to changing into a robust full-service supplier.”
Picture by Anete Lusina
