FinTech Group and Rocket Internet team up for digital banking launch
Frank Niehage, CEO of FinTech Group
FinTech Group and Rocket Internet have formed a technology partnership, with the first step to launch a digital bank.
Based on the banking licence of its subsidiary bank Biw, FinTech Group will provide Rocket Internet the infrastructure such as its own, proprietary core banking system and automated processes. In addition, XCOM, FinTech Group’s technology supplier, will provide performance servers and software development services.
Frank Niehage, CEO of FinTech Group, says Rocket Internet is the “perfect partner for creating digital banking services in Europe”.
Both parties say they plan to develop joint banking business models at an EU level. Rocket Internet brings its expertise in online marketing, user experience, front-end design, internationalisation, and the development of scalable business models.
FinTech Group and Rocket Internet also say they have agreed not to disclose the details of their “common European goals”.
In the background
Biw is a white-label bank in Germany and holds an EU bank “passport”, which allows it to offer banking services in all countries in the European Union. Its B2B customers range from financial institution to start-ups.
FinTech Group says its B2C brands service a total of 200,000 private clients and its “preliminary” EBITDA in 2015 was €19 million.
In addition, FinTech Group holds a majority interest in XCOM; and it has a wholly owned subsidiary, Flatex, which operates in the German online brokerage market. Flatex has about 160,000 private clients both in Germany and abroad.
