Raisin Bank Enters the Payments Market by Acquiring Bankhaus August Lenz

  • Payments
  • 24.06.2022 08:11 pm

German BaaS provider Raisin Bank is entering the payments industry after agreeing to acquire a Bankhaus August Lenz division. No financial details were given. 

By acquiring the payments business of the German private Bank, Raisin will be able to offer electronic payment transactions and cash solutions to its partners and their clients. 

Specifically, the company will have access to over 4,500 ATMs in Germany through partnerships with large bank-independent operators, merchants, restaurants, and gas station chains. 

Mirko Siepmann, who helped establish the vertical for Bankhaus August Lenz, will oversee the new payments section. All staff in this department in the Munich office will be retained. 

Raisin Bank's chief commercial officer, Andreas Wolf, explains: 

"As a service bank, the extension of our payment solutions will make us much more autonomous and powerful, and will further propel our growth in Europe's BaaS industry."

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