Aareal Bank completed the acquisition of CollectAI from Otto Group.

Aareal Bank, a bank, completed the acquisition of CollectAI, a payment solutions provider, from Otto Group, a mail order company. Financial terms were not disclosed. “CollectAI supplements the existing offers of our AEPP payments platform. On top of this, it provides us with the opportunity of exploring new markets and client groups, and for further growth with existing clients from the housing sector and related industries," Lars Ernst, Aareal Bank Managing Director.