Raisin touches down in the US with first partner bank

Raisin is bringing its flagship savings-as-a-service product to Dallas-based MapleMark Bank.

German fintech Raisin has begun to realise its own American Dream.

The savings and investment fintech has teamed up with Dallas-based MapleMark Bank to release its patented deposit technology on the bank’s digital platform.

By integrating with Raisin’s savings-as-a-service, MapleMark Bank becomes the first US bank to utilise Raisin’s customisable term deposits.

“Where we thrive as a company is where there are market inefficiencies and where consumers find it somewhat difficult to find the best offer on the market, either through price transparency or if the journey is complex and where banks find it difficult to tap the whole market,” Michael Stephan, COO and co-founder of Raisin, told AltFi.

“I think if the US was completely online then our value would decrease, but as there is still some way to go we think it’ll be a fantastic environment for us. Having the first bank go live is something we are extremely happy about and I think, after this one, lots more will follow,” he added.

To make the latest launch possible, Raisin acquired Spanish-American technology firm Choice Financial Solutions early last year, since rebranding it to Raisin Technology. 

“One of the reasons I think this will work so well is, I’ve been managing cash products for banks and brokerage firms for 20 plus years and there has been no innovation on the savings side,” Paul Knodel, US CEO of Raisin, told AltFi.

“So, from a technology perspective, there’s a lot of innovation around payments and account origination and lending but nothing in savings. Raisin is really bringing something new and innovative to the market and the acquisition last year will really enable us to bring innovation to the deposit space here in the US.”

With the new integration, MapleMark’s banking processes will be streamlined, saving customers and bankers alike well deserved time and will enable customers to see new deposit products and explore available terms in just a few clicks online.

Raisin won a second patent for its flagship savings-as-a-service product in early 2021 and, following its successful integration with MapleMark, is looking to integrate with more American banks.

Across the pond, the fintech’s investment arm just surpassed €1bn invested in ETFs, with its German investment division growing by 35 per cent since the start of 2021.

As well as surpassing €1bn invested in ETFs through its platform, Raisin’s deposit marketplace has also now placed €35bn for 350,000 customers at over 100 partner banks across Europe.

You can catch Katharina Lueth, VP of Europe at Raisin, speaking about the fintech’s recent successes at AltFi’s Digital Wealth Forum on 14 July 2021.