Berlin-based spend management platform Moss has selected Deutsche bank to handle payment transactions for its customers in the EU.
The development comes after Moss was granted a European E-Money Institute (EMI) license last year by German financial regulator BaFin. The partnership with Deutsche Bank is the first step for Moss to be able to offer payment services under its own license in the future.
In Q3, Moss’s EU Debit customers will be migrated to Deutsche Bank, which will hold all funds and handle the receipt, custody and shipping for the company. With a German Iban and the ability to make instant transfers, Moss's 2000 SME customers in eight countries will experience less friction when topping up and withdrawing funds and will be able to do so 24/7.
Speaking of the decision to select Deutsche Bank as its payments partner, Stephan Haslebacher, COO and co-founder of Moss comments: “A partner must understand our business and take us seriously as a regulated institution. We attach great importance to goal-orientated cooperation. We had to get used to the processes of a global bank, and Deutsche Bank, in turn, had to adapt to our pace."
Moss closed a Series B funding round of €75 million in January to fund an expansion plan that will see it enter the UK market. The financing gave the three-year old company a valuation of over €500 million with total capital raised standing at €130 million.
Kilian Thalhammer, head of merchant solutions at Deutsche Bank, adds: “Moss won us over with its pioneering product and technology. We want to support the Moss team to grow in the core market of Germany and to expand into other markets. The partnership is a good example of how Deutsche Bank supports innovative business models in the fintech industry with global financial services.”