Raisin Bank buys Bankhaus August Lenz payment unit to expand products in its kitten

Based in Frankfurt Raisin bank has acquired the payment department of Bankhouse August Lenz. With the new deal, Raisin Bank will expand its product range through payment services and cover cash solutions. The acquisition marks an important strategic step for the bank on its path to becoming a full service provider.

With the newly acquired division, Raisin Bank is also entering the money supply business to diversify its revenue streams. The newly acquired company offers a network of over 4,500 ATMs and works with partners such as Euronet, NoteMachine or Prosegur.

Raisin Bank implements digital business model solutions requiring a banking license for start-ups, institutional investors and financial service providers in the areas of customer and account management, payment transactions and credit space.

Regarding the new purchase, Andreas WolfRaisin Bank’s Chief Commercial Officer said: “As a servicing bank, the expansion of our payment solutions will make us significantly more independent and powerful and will stimulate our growth in the banking market as a service (BaaS) across Europe. With a new business unit, we can position ourselves even better as a retail payment provider. ”

Mirko Zipman, a member of the payment services board at Raisin Bank, added: “Our payment business is a perfect addition to Raisin Bank’s existing product range so that we can convince even more partners and customers in our services. Raisin Bank immediately convinced me with its motivated team, modern technology platform and exciting history.