Raisin Bank acquires payments division from Bankhaus August Lenz

Banking-as-a-Service (BaaS) provider Raisin Bank is expanding into payments with the acquisition of the payment services division of Bankhaus August Lenz & Co.

Mirko Siepmann will head up the new payments division

The Frankfurt-based firm says the deal is an “important strategic step” as it looks to become a “high-performance full-service provider”.

Raisin Bank chief commercial officer Andreas Wolf 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.

“With the new business unit, we can position ourselves even better as a provider for retail payments.”

The acquisition, for an undisclosed sum, will be headed up by Mirko Siepmann and enable Raisin Bank to offer its cooperation partners and their customers electronic payment transactions as well as cash solutions.

Siepmann has served as spokesman of the board of Bankhaus for more than two decades and built up the payment vertical for Bankhaus.

Siepmann says: “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.”

Among its suite of new offerings, the new division will offer comprehensive services in the operation of more than 4,500 ATMs in Germany.