Deutsche Bank Acquires Payment Services Provider Better Payment

The multinational financial services provider and investment bank based in Germany, Deutsche Bank, announced today that it had acquired the payment service provider in Berlin, Better Payment.

The announcement, which was published officially by Deutsche bank, revealed that that bank is looking to expand its market share in the payment sector in Germany. According to the bank, the employees of Better Payments, including the management team, will still be on board.

The German bank is anticipating a surge in the services demands of Better Payment in the nearest future. The bank added that the headquarter of the firm would remain in Berlin, and the contracts of the firm, including its existing customers, will still be unchanged.

Speaking on the acquisition, the Head of Merchant Solutions at Deutsche Bank, Kilian Thalhammer, said: “Better Payments will give us more market access through payment processing. We really appreciate the expertise of the employees and the dealer relationships they had kept including the technical solutions. The major concern for us is to gain more access to the German market. Soon, we will come up with more synergies through the integration of the various products of Better Payments and Deutsche Bank.”

The bank is looking to add more payments and banking services through the existing channels of Better Payments.

Payment Services

Deutsche Bank has seen a substantial expansion in its payment services in the past two years. It was announced in June 2021 that the bank worked with a US-based financial services firm and fintech, Fiserv, to process payments in the German Market. Also, the bank is looking to integrate the technical solutions of Better Payments into its product range for the next twelve months.

Deutsche Bank highlighted in its statement that: “The operation of Better Payments is around the technical payments of online payments. This has made the firm carry out and receive payments online with its online payment gateway. The platform allows their clients and retailers to receive all types of payment consignment and also to accept the common means of payment. Better Payments doesn’t offer its own brand and it offers an online payment gateway as a white label solution. For those white label clients, fast payment processing is a great inclusion to their own product portfolio.”