Raisin courts lucrative Irish savings market

By Daniel Lanyon on Wednesday 2 October 2019

Digital Banking

The fintech marketplace for deposits and savings has recently been expanding its reach with partnerships with Scalable Capital and Monese, among others.

Raisin courts lucrative Irish savings market
Image source: Raisin

Raisin’s platform, which brings together savers with banks across Europe, has gone live, with Irish depositors now able to allocate cash to Raisin's 82 partner banks across the continent.

The Berlin-based fintech savings aggregator, alongside Raisin Bank, says it is bringing much needed competitive interest rates to the” lowest interest rate environment in Europe”. 

Total volumes of deposits in Irelands have grown for the last 18 consecutive quarters, with Irish household savings increasing by €1.8bn or 1.8 per cent in the first quarter of 2019 alone. Irish savers, meanwhile, see the lowest retail interest rates in Europe, blocked from earning more than on average 0.03 per cent on their savings according to the ECB’s most recent data.The total current Irish household volume of cash deposits is €100bn.

“The Raisin platform in Ireland is offering savers an up to a 3-fold increase in best available interest rates on term deposits with market-leading products in nearly every term category,” it said in a media statement.

Launched in 2013, Raisin says that it has recently passed €16bn in total cash savings brokered to over 200,000 savers across Europe.

Raisin Bank is enlarging its focus on fintech and digital banking, areas driving the customer-centric direction of retail banking today. We were thus eager to take this opportunity to lead on the launch of a Raisin platform in such an important market.” 

“With the Raisin.ie marketplace, Raisin Bank is enabling Irish customers to significantly increase their profits on deposits by connecting them in a simple, transparent way to competitive offers on the continent,” said Frank Freund, Chairman of the Supervisory Board of Raisin Bank AG and Co-founder of Raisin.

Raisin raised $114m in its Series D funding round back in  February and now has a roster of investors including btov Ventures, Goldman Sachs, Index Ventures, Orange Digital Ventures, PayPal Ventures, Thrive Capital and Ribbit Capital. 

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