The partnership between DB and Moss enables customers with a German IBAN to make instant transfers and experience less friction when topping up and withdrawing funds. The product is available to over 2,000 small and medium-sized enterprises in eight countries.

The development comes after Moss was granted a European E-money Institute (EMI) licence last year by German regulator BaFin. The collaboration with DB is the first step for Moss to offer payment services under its own licence in the future.

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Stephan Haslebacher, COO and co-founder of Moss, said: “Deutsche Bank is a pioneering, trusted partner for many FinTech startups and was able to convince us in the selection process.

“After a long and detailed examination, we decided on this partnership to advance our European business”, Haslebacher added. “Deutsche Bank will handle the receipt, custody and shipping of all funds for Moss. As the first new change, our European customers will receive German IBANs, as requested.”

Moss is a tech platform for managing money spending. Launched Headquartered in Berlin, the company now comprises over 200 finance and software experts.

A productive year for Deutsche Bank

For DB, the collaboration follows what many would call a promising beginning of the year. In April, the German bank stated its Q1 2023 net profit was €1.3bn, which was 8% higher year-on-year. In addition, net revenues rose 5% to €7.7bn, its best result since 2016 despite business exits during its ongoing transformation programme.

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Kilian Thalhammer, head of Merchant Solutions at Deutsche Bank, commented: “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”, Thalhammer concluded.