German fintech Raisin has completed its previously announced acquisition of MHB-Bank for an undisclosed amount.
The acquisition was closed after the completion of ownership control procedures by the local financial regulatory authority BaFin.
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Raisin announced its plans to acquire the Frankfurt-based MHB-Bank in March this year.
MHB-Bank has been Raisin’s servicing bank in Germany and Austria since the latter’s launch in 2013.
With the deal now complete, Raisin now has a full banking licence. MHB-Bank will be renamed and will operate as Raisin Bank, while Raisin’s German brand WeltSparen will be rebranded as ‘WeltSparen by Raisin’.
Raisin now aims to focus on banking-as-a-service for fintechs. It also plans to expand into specialised solutions for bank lending and escrow services, areas which MHB-Bank used to focus.
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By GlobalDataCurrently, Raisin is focusing on building digital solutions in account management, payments and completely digitised loan origination and administration.
Raisin Bank chief commercial officer Andreas Wolf said: “The bank’s rebranding is the next move in a realignment, underscoring our strong focus on digitisation, fintech, and banking-as-a-service.
“The in-depth exchange of experience and knowledge with Raisin helps us support our cooperation partners even better.
“It also means we will soon be able to offer a broader palette of services with the most modern interfaces in digital retail banking business.”
Based on the concept of open banking, Raisin provides a pan-European platform for online savings and investments.
The Raisin marketplace provides access to more than 500 deposit products from Europe.
In May, Italian banking start-up illimity partnered with Raisin. The collaboration made illimity’s deposit accounts available on Raisin’s open banking platform.
