German BaaS player Raisin Bank has confirmed that it is moving into the payments business after it agreed to acquire a Bankhaus August Lenz unit. Nonetheless, the financial terms of that deal were not disclosed.
By purchasing the payments division of the German private bank, Raisin can offer its partners and their clients’ electronic payment transactions and different cash solutions.
Mainly, the company will gain access to more than 4500 ATMs in Germany, working in conjunction with major bank-independent operators and retailers, petrol station chains, and restaurant chains.
Notably, the new payments division will be led by Mirko Siepmann. He helped build up the vertical for Bankhaus August Lenz. All staff and employees working in this region at the Munich location will be maintained.
The chief commercial officer at Raisin Bank, Andreas Wolf, stated:
“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.”
