Deutsche Bank grows market share with Better Payment purchase
Deutsche Bank to acquire Berlin-based Better Payment in a bid to expand its market share.
Deutsche Bank has agreed to acquire Berlin-based payment service provider Better Payment in a bid to expand its market share in the payments processing sector.
The acquisition will allow Deutsche Bank to leverage Better Payment’s technical platform and expand its payment gateway platform in Germany for its retail partners and commercial clients.
Founded in 2013, Better Payment allows technical processing of online payments and uses an online payment gateway to carry out and receive online payments.
Through the deal, Deutsche Bank expects to achieve high growth rates for the number of affiliated dealers, especially around its white label” solutions, and expects to increase the 1,500-plus retailers already using the company’s payment platform, it confirmed in a statement.
Speaking on the acquisition, Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank, said that the two companies will “develop additional synergies” by integrating their respective products and building the payment services platform via the existing Better Payment channels.
“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,” added Thalhammer.
In June, Deutsche Bank announced a joint venture with Fiserv to provide payment acceptance services and banking solutions for SMEs in Germany. It follows Goldman Sachs’s recent $2.2bn acquisition of fintech provider GreenSky to strengthen its consumer finance offering, as well as JPMorgan Chase’s acquisition of college planning platform Frank.
Better Payment will keep its headquarters in Berlin and employees are set to remain, continuing their roles within Deutsche Bank. The financial terms of the deal have not been disclosed.