Raisin moves into the US market targeting bank partnerships, following acquisition
The fintech savings specialist is tailoring its banking-as-a-service model for the U.S market.
German fintech Raisin is acquiring a US software company Choice Financial Solutions as it looks to target the North American market through banking partnerships.
Raisin is looking to shake up the US savings market, which is says has lacked innovation for a many years. It will license Choice Financial Solutions’s original software to American banks, enabling the banks to create flexible deposits and offer those products directly to their own customers, or via the Raisin U.S. platform to all U.S. retail consumers.
The acquisition is Raisin’s fourth major strategic investment in another company within the last year.
Raisin's U.S. CEO Paul Knodel (pictured) said: “Joining forces with Choice Financial Solutions lets Raisin begin offering cutting-edge services to banks and customers before we even launch our U.S. platform. Retail consumers increasingly expect convenience in every area of life, and banks today want to meet that demand, not just in terms of online and mobile banking, but also their banks’ available range of products."