The fintech has added payment services to its portfolio with the acquisition of the payments division of Bankhaus August Lenz.
Frankfurt-based fintech Raisin Bank has acquired the payment division of Bankhaus August Lenz.
The bank will now expand its product range to include payment services and enter the cash solutions sector to diversify its revenue sources.
The acquisition marks the next step for the bank on its way to becoming a full-service provider, having shifted from MHB Bank to a more digitally focused fintech in 2019.
“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 banking as a service (BaaS) market throughout Europe,” Raisin Bank chief commercial officer Andreas Wolf said.
“With the new business unit, we can position ourselves even better as a provider for retail payments.”
The new business will allow the bank to offer its cooperation partners and new customers electronic payment transactions as well as cash solutions.
With the acquisition comes more than 4,500 ATMs in Germany and cooperation partners including all major bank-independent ATM operators as well as various retailers, restaurants and petrol station chains.
The payment until will be headed by Mirko Siepmann, who has been spokesperson for the board of Bankhaus Lenz for more than two decades.
“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,” Siepmann said.