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

Financial terms of the transaction were not shared.

The deal bolsters Raisin Bank’s product suite with the addition of payment services and cover cash solutions.

The move is said to be an important strategic step for the bank, which aims to become a “high-performance full-service provider”.

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

Raisin’s payments business division, which will be led by Mirko Siepmann, will provide electronic payment transactions and cash solutions to its cooperation partners and their customers.

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In addition, the new division will support the operation of more than 4,500 ATMs across Germany.

Raisin’s cooperation partners include several major bank-independent ATM operators as well as a range of restaurant, retailers, and petrol station chains.

Commenting on the development, Siepmann said: “I am very excited to be part of such a dynamically growing group of companies. 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.”

Siepmann joins Raisin from Bankhaus Lenz & Co., where he worked for over two decades and built up the payment vertical.

Following the transaction, employees working in Bankhaus Lenz’s payment division at the Munich location will become part of Raisin Bank.

This April, Berlin-headquartered payment firm Mondu entered a payment solution partnership with Raisin Bank to extend its Buy-Now-Pay-Later solutions for online B2B merchants and marketplaces.