23.06.2020

Schalast advises Raisin Bank on extensive cooperation with Vanta, "the most highly-founded young German Fintech"

The Berlin-based FinTech Vanta is launching a corporate credit card tailored to high-growth, small and medium-sized enterprises. Vanta cooperates with the Raisin Bank in Frankfurt to ensure that the regulatory requirements are met. Vanta is already being hailed in the press as "Germany's most highly found young Fintech", "great FinTech hope" and "Berlin's new great FinTech bet".

"Online payment transactions via corporate credit cards are becoming increasingly important for services such as marketing, IT, cloud services and travel bookings. Until now, there was no adequate credit card program for the specific needs of high-growth start-ups," explains Ante Spittler, Co-Founder and CEO of Vanta. "In this special segment we are starting with Vanta, the next generation corporate credit card."

With the Vanta corporate credit card program, customers can obtain multiple physical and virtual credit cards. The cards can be linked to the existing house bank account, no bank change is required. Customers can allocate the credit cards to their employees or teams: the cards have an interest-free payment term of up to one month. At the same time, a dashboard gives the customer full transparency and control over all expenditures at all times. Vanta's software optimizes accounting, saves costs and time by directly assigning transactions to booking accounts and allows integration with tax software (such as DATEV).

Raisin Bank as a cooperation partner determines the card limit of the customers and guarantees the fulfillment of all regulatory requirements, for example with regard to the German Banking Act, Money Laundering Act, KYC, risk management etc. Due to the software-based Vanta platform, the registration and verification process takes only a few days. The card limit is regularly adjusted to the customer's financial situation in the course of the customer relationship. "Raisin Bank is specialized in the conception and implementation of innovative financial products. Together with our partners, we want to build solutions that inspire customers while meeting all regulatory requirements in the best possible way", says Andreas Wolf, CCO of Raisin Bank. "With Vanta, we are entering into a cooperation that fits our portfolio very well and offers real added value to both companies and customers".

As the model developed by the cooperation partners Vanta and Raisin Bank took a completely new approach from a legal point of view, it was necessary to rethink the credit card structure, so to speak, and then to draft the contractual documentation with the various stakeholders (customers, credit card companies, etc.).

Involved advisors:

Raisin Bank:
Inhouse: Katrin Rudolph
Schalast: Dr. Andreas Walter (Partner, Banking, in charge); Philippe Woesch (Partner Banking); Oskar Becker (Banking) (all Frankfurt office)

Vanta/Nufin:
Inhouse: Alexander Hoffmann
Annerton: Susanne Grohé (Partner; Berlin Office)