Deutsche Bank, a Germany-based multinational investment bank and financial services provider, announced the acquisition of Berlin-based payment service provider Better Payment today.
The official announcement published by Deutsche Bank shows that the bank is planning to expand its market share in Germany’s payment sector. According to Deutsche Bank, Better Payment’s employees including its management team will stay on board.
The German bank is expecting a surge in demand for the services of Better Payment in the future. Deutsche Bank added that Better Payment will keep its headquarters in Berlin and the company’s contracts with its existing customers will remain unchanged.
Commenting on the acquisition, Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank, said: “Better Payment gives us broader market access in payment processing. Thanks to the know-how of their employees, their existing dealer relationships and technical solutions, we can accelerate our growth in the German market, which is key to us. We will develop additional synergies by integrating the respective products from Deutsche Bank and Better Payments.”
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The bank plans to offer additional banking and payment services via the existing Better Payment channels.
Deutsche Bank has substantially expanded its payment services in the last two years. In June 2021, the bank partnered with Fiserv, the US-based fintech and financial services firm, to facilitate payments in the German market. Furthermore, Deutsche Bank aims to integrate Better Payment’s technical solutions into its existing product range over the next 12 months.
“Better Payment operates a service for the technical processing of online payments. For this purpose, the company uses a payment platform (‘online payment gateway’) to carry out and receive online payments. The payment platform enables retailers, or their clients, to accept all common means of payment and to be able to receive all types of payment consignments. Better Payment offers its own ‘online payment gateway’ as a ‘white label’ solution to other companies and does not operate under its own brand. For these ‘white label’ customers, payment processing is a useful addition to their own product portfolio,” Deutsche Bank highlighted.