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For the first time, a financial startup buys a bank

The operator of the online interest portal Weltsparen, Raisin, buys the Frankfurt MHB bank. The aim is to improve the offer for end customers and partners such as banks and Fintechs on both sides and expand, said Raisin boss Tamaz Georgadze the news agency Reuters.

About the purchase price had been agreed silence

Georgadze said, however, of the recent round of financing in the amount of 100 million euros, in which also involved the US payment service Paypal, was still “clearly” something left. “We will invest selectively in the expansion of the banking business”. The acquisition has yet to be approved by the BaFin and the European Central Bank.

About Raisin

Raisin, founded in 2012 by former McKinsey consultant Georgadze and two colleagues, has been working with MHB Bank for five years. Even after the acquisition, the financial institution remains independent, said the Raisin boss. The former NordLB subsidiary, which has been on the market since 1973, has been owned by the US financial investor Lone Star since 2005. MHB-Bank currently employs 35 people and achieved a turnover of 4.3 million euros in 2017.

Raisin has 260 employees in Berlin and Manchester, operates in addition to the website of the same name even country-specific portals such as Weltsparen.de and has reported to date, eleven billion euros in savings deposits at banks.

Published inFintech

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