Deutsche Bank is to acquire online payment platform Better Payment, to expand its market share in payment processing and acceptance.
Over the next 12 months, the Berlin-based paytech’s technology will be integrated into the financial services giant’s product range.
Deutsche Bank plans to offer banking and payment services via existing Better Payment channels.
Better Payment’s online payments platform enables retailers to accept the full suite of common payment options through its ‘white-label’ solution.
Deutsche Bank says it expects substantial growth within the white-label affiliated dealer segment over the coming years.
Better Payment also offers a branded online payment gateway to banks, financial service providers or SaaS providers.
The paytech says existing contracts it has with 1,500 retailers will remain after the acquisition is complete.
Deutsche Bank’s head of merchant solutions Kilian Thalhammer says the acquisition will give the bank 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,” Thalhammer adds.