Raisin Bank enters the payment business

The Raisin subsidiary is taking over the payment division of Bankhaus August Lenz. This will enable it to offer its customers additional services.

Frankfurt-based Raisin Bank has taken over the payment division of Bankhaus August Lenz. The bank was founded in 1973 and focuses on serving business customers. As a fronting and service bank with a full banking license, Raisin Bank supports the implementation of business models requiring a banking license for fintechs such as Exporo or Moss, family offices and funds as an investor.

With the acquisition, the bank intends to offer electronic payment solutions to its cooperation partners and their customers. According to Raisin Bank, the new payment division offers, among other things, services in the operation of more than 4,500 ATMs in Germany. Customers and cooperation partners included all major bank-independent ATM operators as well as various retailers, restaurant and gas station chains. "As a service bank, the expansion of our payment solutions will enable us to operate much more independently and powerfully, and further drive our growth in the banking-as-a-service market throughout Europe," said Andreas Wolf, Chief Commercial Officer at Raisin Bank.

The established structures as well as all employees of the payment division of Bankhaus August Lenz will be taken over by Raisin Bank. Mirko Siepmann, previously Spokesman of the Management Board of Bankhaus Lenz, will take over the management of the division: "I am very much looking forward to being part of such a dynamically growing group of companies. I see our payment business as a perfect complement to Raisin Bank's existing product range, which will enable us to win over even more partners and customers."