Spend control platform Moss, which is based in Berlin, has chosen Deutsche bank to handle payments for its customers in the EU.
The change comes after German financial regulator BaFin gave Moss a license from the European E-Money Institute (EMI) last year. The deal 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 users will be moved to Deutsche Bank, which will hold all funds and handle receipt, custody, and shipping for the company. With a German Iban and the ability to make instant transfers, Moss’s 2,000 SME users in eight countries will be able to add and withdraw money more easily and at any time of day or night.
Stephan Haslebacher, COO and co-founder of Moss, says this about the choice of Deutsche Bank as a payments partner:
“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.”
In January, Moss closed a Series B funding round for €75 million. This money will be used to pay for its plan to grow and enter the UK market. With the funding, the three-year-old company was valued at more than €500 million, and a total of €130 million was raised in capital.
The head of commercial solutions at Deutsche Bank, Kilian Thalhammer, says the following:
“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.”
