With the acquisition, Deutsche Bank is enabled to expand its product range and increase its market share in payment processing and acceptance in Germany
Deutsche Bank has announced the acquisition of Berlin-based payment service provider Better Payment Germany for an undisclosed amount.
Better Payment offers a technical processing service for online payments, using an online payment gateway platform to send and receive payments online.
The payment platform is said to enable retailers and their clients to accept all common methods of payment and receive all types of payment consignments.
Deutsche Bank intends to integrate Better Payment’s technical solutions into its existing product range over the next 12 months.
With the acquisition, the bank is enabled to expand its product range and increase its market share in payment processing and acceptance in Germany.
Better Payment will continue its operations from its headquarters in Berlin, with all of its employees continuing in the same roles and work for Deutsche Bank in the future.
Deutsche Bank merchant solutions head Kilian Thalhammer 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. The bank plans to offer further banking and payment services via the existing Better Payment channels.”
Better Payment offers its unique online payment gateway as a ‘white label’ solution to other companies, but not under its own brand.
Its white-label customers include banks, financial service providers and software-as-a-service (SaaS) providers, who offer the technology together with their services.
Deutsche Bank expects high growth rates in the double-digit percentage range for several affiliated dealers over the coming years.
Also, the bank assured that the relationship with existing customers of Better Payment’s payment platform will be unchanged.
Deutsche Bank is engaged in providing retail, private, corporate and transaction banking, lending, asset and wealth management products and services.
It is focused on investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors.
In June this year, the bank has partnered with payments and financial services technology provider Fiserv to offer payment acceptance and banking solutions in Germany.