By Oliver Smith on Thursday 14 October 2021
An additional 4.8m Europeans will be exposed to Raisin DS’s deposit marketplace.
Millions of German retail customers will be introduced to Raisin DS over the coming months after the deposit and investments marketplace signed a partnership with the country’s second-largest direct bank.
Deutsche Kreditbank, or DKB, will soon offer all 4.8m of its customers access to Raisin’s overnight and term deposit savings accounts under the arrangement, AltFi can exclusively reveal.
As the second-largest German direct bank after ING, DKB has no branches and operates primarily online, but is not considered a neobank. It was founded in 1990 and therefore tends to have older customers and with higher incomes and assets.
“The offer of digital wealth proposition like the deposit brokerage we offer resonates very well with those customers.”
Since its merger with rival Deposit Solutions in June, Raisin DS has been rapidly expanding, recently launching partnerships with carmaker Renault’s financial arm RCI Bank and with buy now, pay later giant Klarna—enabling both to enter the Netherlands savings market.
Voller said the current pace of tie-ups was driven both by confidence in Raisin’s existing partnerships, as well as the larger macroeconomic environment.
“In the Eurozone, especially with negative interest rates arriving, more and more retail banks see the need to present an alternative deposit product that still offers interest.”
Around 350 banks in Germany are currently charging negative interest rates, especially on accounts with high balances of over €50,000 or €100,000.
“So to offer an alternative for the customers as they introduce negative interest on their accounts... is also quite successful,” added Voller.
As well as savings, Raisin DS has also been developing its own investment marketplace, having launched an ETF ‘hybrid robo’ trading platform in May and reaching £1bn in total ETF investments earlier this year.