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

Frankfurt-based Raisin Bank has acquired the payment division of Bankhaus August Lenz. With the new deal, Raisin Bank will expand its product range by payment services and cover cash solutions. The acquisition marks an important strategic step for the bank on its way to becoming a full-service provider.

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

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

Regarding the new buy, Andreas Wolf, chief commercial officer at Raisin Bank 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 banking as a service (BaaS) market throughout Europe. With the new business unit, we can position ourselves even better as a provider for retail payments.”

Mirko Siepmann, board member for payment services 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 of our services. Raisin Bank convinced me immediately with its motivated team, a modern tech platform and its exciting history.”