Raisin Bank, a German banking-as-a-service company, is set to enter the payments sector after agreeing to buy a unit of Bankhaus August Lenz.
According to Finextra, by acquiring the payments division of the German private bank, Rasiin will be able to offer its partners and their customers electronic payment transactions as well as cash solutions.
Raisin will get access to over 4500 ATMs across Germany and will work with major bank-independent operators as well as restaurants, retailers and petrol station chains.
The new payments division at Raisin will be headed by Mirko Siepmann, who had helped build up the vertical for Bankhaus. Financial terms of the deal were not disclosed.
Raisin Bank chief commercial officer Andreas Wolf said, “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.”
Earlier this year, Raisin Bank partnered with Mondu to enable the latter to offer buy now, pay later solutions for B2B merchants and marketplaces.
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