Deutsche Bank is to acquire payment service provider Better Payment with the aim of expanding its market share in payment processing and acceptance.
According to Deutsche, the bank will integrate Better Payment’s technical solutions into its existing product range over the next 12 months.
Headquartered in Berlin, Better Payment provides online payment solutions for merchants of all sizes. The company claims it makes online payments simple and enables its clients to grow their companies.
The company uses an online payment gateway to carry out and receive online payments, and labels its gateway as a ‘white label’ solution to other companies and does not operate under its own brand. These companies include banks, financial service provides and software-as-a-service providers.
Deutsche claims it expects very high growth in the double-digit percentage range in the business with white label solutions in particular.
As part of the deal, all current Better Payment employees, including its management team, will stay on board and work for Deutsche Bank.
Deutsche Bank head of merchant solutions 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.”
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