Raisin, a Berlin, Germany-based fintech company, has taken over MHB-Bank, a Frankfurt-based bank.
The amount of the deal was not disclosed.
Since Raisin launched in 2013, MHB-Bank has been Raisin’s servicing bank in Germany and Austria. From this business partnership a close cooperation has developed.
Through the two companies’ new alliance, Raisin now possesses a full banking license and will use the advantages of this acquisition to further its growth.
As a next step, MHB-Bank AG will be renamed Raisin Bank AG. At the same time, Raisin’s German brand WeltSparen will gain a reference point to its international parent brand and become “WeltSparen by Raisin.”
Together, Raisin and Raisin Bank intend to use synergies in the areas of customer access, technology, and regulation to launch new products and enter new markets.
Both companies will remain independent entities, with Raisin Bank AG continuing to exist as a financial institution in its own right.
Raisin will also continue to set a new strategic orientation for the bank. Founded 45 years ago, MHB-Bank’s focus has been on specialized solutions for bank lending and escrow services, areas Raisin Bank plans to expand and augment going forward.
In the last year and a half, the bank has been building digital solutions in account management, payments, and credit as well as fully digitized loan origination and administration.
As a service bank for fintechs, the bank has developed partnerships with Bergfürst, CreditShelf, Evoca, Exporo, Fiduciam, Invest in Visions, and Myos among others.
Founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Raisin provides a marketplace that offers access to more than 500 deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios (now available in Germany). Since launch in 2013, the company has brokered more than 15 billion EUR for almost 200,000 customers in 31 European countries and over 80 partner banks. It is backed by prestigious European and American investors such as btov Ventures, Goldman Sachs, Index Ventures, Orange Digital Ventures, PayPal Ventures, Thrive Capital and Ribbit Capital.