By Oliver Smith on Friday 25 June 2021
Global ambitions for the newly-named Raisin DS.
Two leading German fintechs seeking to disrupt the savings and investments market are now set to merge, it has just been announced.
The logic behind the merger is that Deposit Solutions brings a vast customer base of over 150 banks and institutions for which it operates a deposit marketplace, while Raisin operates one of Europe’s largest consumer-facing savings and investments marketplaces.
“Deposit Solutions and Raisin have brought important innovations to a market that has been underserved for decades. Together we can achieve even more," said Dr. Tim Sievers, CEO and founder of Deposit Solutions.
Sievers will join Raisin’s CEO and co-founder Dr. Tamaz Georgadze as co-CEO of the new combined entity, described as a “merger of equals”, but will move to the company’s advisory board at the end of 2021, then handing the reins over to Georgadze.
“Raisin DS is breaking down barriers and reinforcing our long-time vision for a single transparent market for savings and investment products. We want to contribute to a financial system that better serves day-to-day financial needs of people and enables banks to provide a stronger backbone to the real economy,” added Georgadze.
“We will continue to strive to make a positive contribution to the financial system.”