German fintech Raisin teams up with investment platforms as expands SaaS offering

The German fintech says it has reached its 2020 growth target of £1bn in deposits a quarter earlier than had earmarked.

German fintech Raisin is expanding its SaaS offering in the UK, so that banks and other financial institutions can now embed Raisin’s deposit platform.

The German fintech has teamed up with the investment platforms AJ Bell and Willis Owen on the proposition.

Raisin says it’s launching the proposition after it eclipsed its 2020 growth target of £1bn in deposits brokered a quarter earlier than had been earmarked.

The proposition means that financial service providers in the UK will now be able to access and scale cash savings products from Raisin’s partner banks.

These partners then offer the Raisin marketplace to their own customers.

Katharina Lueth, Raisin VP Europe, said: “Raisin’s goal is to create a European champion with its marketplace for financial products. From the start we have considered the UK an essential part of Europe, as our response to Brexit demonstrated."

"Following the Brexit referendum we acquired a UK-based fintech and launched Raisin UK two years ago."

“We have not doubted the importance of the market or our commitment to UK growth for a moment since, and we’re proud to see the acceptance of our business model by UK financial institutions and consumers alike.” 

Kevin Mountford, co-founder, Raisin, UK, said: “Service strategies have seen a rise in several key industries over the last 18 months and embedded banking services is one of the fastest-growing."

"With the current global landscape changing almost daily, there is an increasing demand from consumers looking for a better rate of return on their money, and the new Savings as a Service proposition allows existing players in the market to diversify their offering quickly to meet this demand."

"We are really excited about our latest partnership with AJ Bell and look forward to helping the business to deliver valuable products and services to its customers.”