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.

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.

Currently, 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.