German fintech venture Raisin is set to acquire Frankfurt-based MHB Bank, its main banking service provider in Germany.

Established in 1973, MHB Bank is a service-banking provider for fintech companies in Germany. Besides Raisin, several other fintechs such as Exporo, CreditShelf and Bergfürst are its clients.

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MHB Bank acquisition: Details

Since 2005, MHB Bank is owned by an affiliate of American private equity firm Lone Star. Raisin will acquire the bank by purchasing all its shares to become the sole owner of the bank.

However, the financial details of the transaction have not been divulged.

As service bank for Raisin, MHB Bank is responsible for managing different aspects of the value chain. It included account management, customer identification and financial transactions.

Raisin intends to use this acquisition to expand its areas of operation as well as add to its value chain.

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It is also expected to help the company in streamlining its customer onboarding process.

Raisin CEO and co-founder Tamaz Georgadze said: “As one of the leading fintechs in Europe, we believe in making sustainable changes to the financial system in order to make the needs of customers and partners paramount.

“Together with MHB, we can continue to develop — and seamlessly integrate — the services we offer customers, partner banks and distribution partners.”

The MHB Bank acquisition is subject to German Federal Financial Supervisory Authority (BaFin) and the European Central Bank (ECB) approval.

The announcement of the acquisition comes within a month after Raisin raised $114m in the Series D funding round.