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Rocket Internet to Develop Banking Services With FinTech Group



BERLIN— FinTech Group AG said Tuesday it would create digital banking services in Europe together with Rocket Internet SE.FinTech Group is developing a digital bank for Rocket Internet using the banking license of FinTech subsidiary Bank biw as a first step of a comprehensive partnership of the two companies.

Rocket and FinTech Group plan to develop joint banking business models at an EU level. Rocket Internet would contribute its expertise in online marketing, user experience, front-end design, internationalization and the development of scalable business models, said FinTech Group.

The plans show that Rocket Internet continues to build new businesses regardless of its efforts to move major companies in its portfolio toward profitability, and closing some unsuccessful startups.

“FinTech Group’s profile in financial services and the expertise of Rocket Internet in creating scalable, disruptive business models fit together perfectly,” said FinTech Chief Executive Frank Niehage.

FinTech agreed with Rocket not to disclose the details of their common European goals.

The planned banking business would expand Rocket’s portfolio. The Berlin-based company builder has so far focused on e-commerce, online food ordering and travel booking.

First appeared at WSJ

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