The Germany-based fintech says it will expand its areas of operation and value chain. While the company is keen on open banking, it is not that keen on being open. Financial details were not disclosed. MHB was founded in 1973 and Raisin will become the sole owner of the bank, which since 2005 has been in the hands of an affiliate of American private equity company Lone Star.
Raisin provides its customers access savings and investment products from across Europe. It has more than 165,000 customers and provides over 250 products offered by nearly 70 European banks on the fintech’s seven platforms. As its service bank, MHB handles account management, customer identification and financial transactions.
The acquisition of the shares in MHB is still subject to final approval by the German Federal Financial Supervisory Authority (BaFin) and the European Central Bank (ECB).
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