By Aisling Finn on Tuesday 19 May 2020
The German fintech has amassed over €22.5bn in deposits since its launch in 2013.
German fintech Raisin has launched its first product in the US, a ‘savings as a software service’ for American banks and credit unions.
Recently, Raisin has placed a high emphasis on targeting international markets, such as the North American market, through strategic acquisitions and banking partnerships.
The digital savings marketplace first made moves to jump across the pond in January of this year when it made its fourth major investment and acquired Choice Financial Solutions.
Raisin is hoping to roll out its savings as a software to help banks and credit unions to deliver services that currently only private banking customers have access to.
The software will enable banks to give users customised deposit products which will be protected by the Federal Deposit Insurance Corporation up to $250,000.
“Given the current economic uncertainty, financial institutions want a share of the big increase in deposits, but many don’t have the technological tools to optimize or meet customers’ current needs,” said Raisin’s US CEO Paul Knodel.
“Banks need affordable products that enable customers to stabilize their assets now, and then also grow with a recovery. Our software meets exactly this nexus of needs and we’re looking forward to supporting bank and credit union partners in this new environment,” he added.
Raisin now has over 260,000 customers across eight different countries who have amassed over €22.5bn in deposits.