MHB Bank of Frankfurt becomes Raisin Bank
Berlin-based fintech Raisin continues to expand. Following the successful conclusion of ownership control procedures by Germany's Federal Financial Supervisory Authority (BaFin), Raisin has taken over MHB-Bank as sole owner, thus becoming the first fintech in Germany to buy a bank.
Through the two companies' new partnership, 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."
Raisin extends its value chain in the financial sector with the bank takeover, and at the same time takes another critical step in scaling, thus maintaining its position as market leader in cross-border savings and investments. In 2017 the fintech took over PBF Solutions of Manchester, now the UK operation of Raisin, a move which also enabled Raisin to prepare its operations for Brexit.
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 45-year-old bank. MHB-Bank's focus has been on specialised 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 important partnerships with Bergfürst, CreditShelf, Evoca, Exporo, Fiduciam, Invest in Visions, and Myos among others.
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