Hot on the heels of raising $114 million in Series D funding, Raisin, the pan-European fintech marketplace for savings and investment products, has acquired MHB Bank of Frankfurt, its main provider of banking services in Germany. Terms of the acquisition remain undisclosed and the deal is still subject to regulatory approval. However, the moves signals a stepping on the gas for Raisin’s geographical and product expansion ambitions.
In a call, Raisin CEO and founder Tamaz Georgadze explained that MHB Bank provides Raisin’s banking services in its largest market Germany. This sees the bank provide Raisin with account management and customer identification, as well as powering transactions — services that require an underlying banking license.
By purchasing the bank, Raisin can bring a key part of its infrastructure in-house and also utilise the full bank license to “passport” its various financial services, including its deposits marketplace and ETF-based investment…