Deutsche Bank is acquiring Berlin-based payment service provider Better Payment, the bank announced Monday (Sept 20).
According to the statement, Deutsche Bank will integrate Better Payment’s technical solutions into its existing product range over the next 12 months, leveraging the acquisition to expand its market share in payment processing and acceptance. Terms of the deal were not disclosed.
Speaking on the deal, Kilian Thalhammer, head of merchant solutions at Deutsche Bank, said that the know-how of Better Payment employees, their existing dealer relationships and technical solutions would enable the bank to accelerate its growth in the German market and offer more services via the existing Better Payment channels.
“We will develop additional synergies by integrating the respective products from Deutsche Bank and Better Payments,” Thalhammer said.
The 1,500-plus retail clients already using the company’s payment platform can make and receive all types of online payments.
The firm’s unique payment platform is a “white label” solution to other firms like banks, financial service providers or SaaS (“software as a service”) providers who offer their customers the technology enhanced with their services.
And Deutsche Bank is very optimistic about the business with “white label” solutions, targeting very high growth rates — in the double-digit percentage range — in the coming years for its growing number of affiliated dealers.
In June, PYMNTS reported that global FinTech and payments company Fiserv and Deutsche Bank were teaming up on a joint venture to provide payment acceptance and banking offerings to small and medium-sized businesses (SMBs) in Germany.
The effort was to help SMB customers adapt to the evolving post-pandemic marketplace by providing them with tools like Fiserv’s Clover point-of-sale platform to sell their merchandise and services through a complete array of digital and in-person channels.
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