Frankfurt-based Raisin Bank AG is acquiring the payment services division of Bankhaus August Lenz & Co AG, per a Thursday (June 23) press release. The move will allow Raisin Bank to expand its product range to payment services and cash solutions.
As a result of the acquisition, the Banking-as-a-Service (BaaS) provider will play a part in the operation of over 4,500 ATMs in Germany. Cooperation partners on this front include all major bank-independent ATM operators as well as various retailers, restaurants, and gas station chains.
“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,” Raisin Bank Chief Commercial Officer Dr. Andreas Wolf said in the announcement. “With the new business unit, we can position ourselves even better as a provider for retail payments.”
Following the purchase, the payment services division of Bankhaus August Lenz & Co, where it will now operate as the Raisin Bank payment unit. All employees working in this area at the Munich location will now be employed by Raisin Bank.
Raisin Bank has named Mirko Siepmann as head of the payments unit. Siepmann has served as spokesman of the board of Bankhaus Lenz & Co. AG for over two decades and built up the group’s payment services division.
“I am very excited to be part of such a dynamically growing group of companies,” Siepmann said in the release. “Our payment business is a perfect addition to Raisin Bank’s existing product range … Raisin Bank convinced me immediately with its motivated team, a modern tech platform, and its exciting history.”
Previously known as MHB Bank, since purchasing the FinTech company Raisin in 2019 the bank has operated under the Raisin brand. Today, Raisin Bank implements digital banking solutions for startups, investors and financial service providers.
In April, Raisin Bank announced a partnership with Berlin-based BNPL platform Mondu. With the help of Raisin Bank, Mondu is able to offer BNPL services in the B2B space in addition to its existing customer focused buy now, pay later (BNPL) solutions.