Raisin Bank’s Acquisition of Bankhaus August Lenz Payment Business

Freshfields Bruckhaus Deringer advised Raisin Bank on the deal. Oppenhoff advised Bankhaus August Lenz.

Raisin Bank AG, a subsidiary of the German fintech Raisin GmbH, announced its acquisition of the payment services division of Bankhaus August Lenz AG.

With the newly acquired division, Raisin Bank is also entering the cash supply business to diversify its revenue sources. For Raisin Bank, the acquisition marks an important strategic step on its way to obtain a considerable footprint in the payment services business.

As a result of the acquisition, the Banking-as-a-Service (BaaS) provider will play a part in the operation of over 4,500 ATMs in Germany. Cooperation partners on this front include all major bank-independent ATM operators as well as various retailers, restaurants, and gas station chains.

Following the purchase, the payment services division of Bankhaus August Lenz & Co, where it will now operate as the Raisin Bank payment unit. All employees working in this area at the Munich location will now be employed by Raisin Bank.

Bankhaus August Lenz is part of the Italian Mediolanum Banking Group, which provides banking, financial and insurance solutions to over a million customers throughout Europe.

The Freshfields team was led by Partner and Co-Head Financial Institutions Alexander Glos (Picture – Corporate/Regulatory, Frankfurt) and Partner Patrick Cichy (Corporate/M&A, Hamburg). It further comprised Associates Frauke Thole, Friederike Sibbe and Simon Schulte (all Corporate/M&A, Hamburg), Principal Associate Nicholas Lütgerath (Corporate/M&A, New York). Specialist support was provided by Partner Alexander Schwahn (Tax, Hamburg), Partner Theresa Ehlen (IP, Frankfurt), Counsel Holger Hartenfels, Associate Hans-Ulrich Klöppel (Regulatory, Frankfurt), Principal Associates Niklas Eckert and Judith Römer (Employment, Hamburg), Associates Andrea Strackerjan, Jan Willem Kothe (both Tax, Hamburg), Associate Elisabeth Wulf (IP, Hamburg) und Principal Associate Tibor Szigetvari (Data Protection, Frankfurt).

The Oppenhoff team, led by Dr. Stephan König, included Sebastian Gutmann, Anna-Catharina von Girsewald (all Corporate/M&A), Dr. Gunnar Knorr (Tax), Dr. Alexander Willemsen, Alexandra Groth (both Employment Law), Dr. Daniel Dohrn (Antitrust), Dr. Jürgen Hartung, Dr. Marc Hilber (both Data Protection and Distribution Law), Dr. Anna-Gesine Lock (Litigation), Marcel Markovic and Raphael Griemert (both Corporate/M&A).

Involved fees earner: Patrick Cichy – Freshfields Bruckhaus Deringer LLP; Niklas Eckert – Freshfields Bruckhaus Deringer LLP; Theresa Ehlen – Freshfields Bruckhaus Deringer LLP; Alexander Glos – Freshfields Bruckhaus Deringer LLP; Holger Hartenfels – Freshfields Bruckhaus Deringer LLP; Hans-Ulrich Klöppel – Freshfields Bruckhaus Deringer LLP; Jan Kothe – Freshfields Bruckhaus Deringer LLP; Nicholas Lütgerath – Freshfields Bruckhaus Deringer LLP; Judith Römer – Freshfields Bruckhaus Deringer LLP; Simon Schulte – Freshfields Bruckhaus Deringer LLP; Friederike Sibbe – Freshfields Bruckhaus Deringer LLP; Andrea Strackerjan – Freshfields Bruckhaus Deringer LLP; Tibor Szigetvari – Freshfields Bruckhaus Deringer LLP; Frauke Thole – Freshfields Bruckhaus Deringer LLP; Elisabeth Wulf – Freshfields Bruckhaus Deringer LLP; Daniel Dohrn – Oppenhoff; Raphael Griemert – Oppenhoff; Alexandra Groth – Oppenhoff; Sebastian Gutmann – Oppenhoff; Jürgen Hartung – Oppenhoff; Marc Hilber – Oppenhoff; Gunnar Knorr – Oppenhoff; Stephan König – Oppenhoff; Marcel Markovic – Oppenhoff; Anna-Catharina von Girsewald – Oppenhoff; Alexander Willemsen – Oppenhoff; Anna-Gesine Zimmermann – Oppenhoff;

Law Firms: Freshfields Bruckhaus Deringer LLP; Oppenhoff;

Clients: Bankhaus August Lenz & Co. AG; Raisin Bank AG;

Federica Tiefenthaler

Author: Federica Tiefenthaler