German BaaS player Raisin Bank is moving into the payments business after agreeing to buy a Bankhaus August Lenz unit. Financial terms were not disclosed.
By acquiring the payments division of the German private Bank, Raisin will be able to offer its partners and their customers electronic payment transactions as well as cash solutions.
Specifically, the firm will get access to over 4500 ATMs in Germany, working with major bank-independent operators as well as retailers, restaurants and petrol station chains.
The new payments division will be led by Mirko Siepmann, who helped build up the vertical for Bankhaus August Lenz. All employees working in this area at the Munich location will be kept on.
Andreas Wolf, chief commercial officer, Raisin Bank, says: "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."