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Fintechs + Banks: Could it really work?

The Fintech Raisin, which operates in Germany under the brand WeltSparen, has taken over the Frankfurt MHB Bank.

With a financing round of over 100 million euros in the back it can be better shopping: Raisin invested in the acquisition of the Frankfurt MHB Bank, which has previously accompanied the fintech as a service bank. However, the acquisition still needs to be approved by the Federal Financial Supervisory Authority and the European Central Bank.

Frankfurt’s MHB Bank, founded in 1973, has belonged since 2005 to a company affiliated with US financial investor Lone Star. The clients of MHB-Bank include Fintechs such as Exporo, CreditShelf and Bergfürst. With a German banking license, it is subject to the German Deposit Guarantee Act (EinSiG) and is supervised by the German Federal Financial Supervisory Authority (BaFin).

Use expertise from the banking sector

With the takeover Raisin wants to combine the regulatory expertise of MHB-Bank in the banking sector with the technology and customer focus of a fintech. The integration of deposit banks and distribution partners, such as o2 Banking from Telefónica Deutschland and N26, should take place more than ever from a single source.

“As one of the leading fintechs in Europe, we believe in sustainable financial change that focuses on the needs of customers and partners. Together with MHB-Bank, we can further expand our services for our customers, partner banks and cooperation partners and seamlessly integrate them, “says Raisin co-founder and CEO. Tamaz Georgadze.

Not the first purchase

The MHB Bank is not the first acquisition in the history of Raisin. In 2017, the fintech company PBF Solutions was acquired in Great Britain. PBF Solutions had enabled nearly 20 banks and financial institutions to enter the UK market and raised billions of euros. In addition, the company has developed several comparison portals.

According to the company, Raisin currently has 165,000 customers who can purchase products from almost 70 European banks through various platforms. The largest market is Germany, where Raisin acts with the brand WeltSparen.

Published inFintech

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