Customers will soon have access to a range of new retirement products.
Berlin-based deposit and investment marketplace Raisin has acquired another company, this time German startup fairr which focuses on retirement savings.
The move comes five months after Raisin acquired Germany’s MHB Bank and one month after Raisin netted a $28m follow-on round from Goldman Sachs.
“Through the takeover we will be able to expand our product offering specifically around the important aspects of retirement saving,” said Raisin CEO and co-founder Dr. Tamaz Georgadze on the acquisition of fairr.
“Together we want to grow and bring new momentum to the sector. Next to bank deposits, retirement savings is the most important asset class for individuals, with a volume of 2 trillion Euro in Germany alone.”
fairr offers low-cost, fully digital investments based on ETFs for the heavily-regulated German pension market.
“For consumers, retirement savings are still a very opaque, dusty, cost-intensive business. With Raisin’s access to the market we will be able to expand our reach significantly and continue to revamp the retirement savings market,” said fairr co-founder Jens Jennissen on the deal.
Raisin now counts 200,000 customers across 31 European countries, with a US launch scheduled for 2020.
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