By Aisling Finn on Thursday 4 November 2021
Raisin Bank will use Mambu’s platform to offer its own BaaS services to new and existing customers.
The bank will use Mambu’s cloud banking platform to become one of Germany’s only cloud-based banks.
Raisin Bank’s new and existing customers have been migrated over to Mambu’s platform and can integrate the fintech’s BaaS services into their own platforms, allowing them to provide products that would have previously required a banking licence.
“With Mambu, we have multiplied the speed with which we can scale processes and develop new applications. This step positions us to meet the rapidly increasing demand for digital banking solutions."
Raisin Bank has its own German banking licence which it can passport to every country in the EU.
“Building a licensed BaaS offering and migrating all customers is a fantastic achievement and we are proud to have supported Raisin Bank in becoming one of the first cloud banks in Germany,” Eelco-Jan Boonstra, managing director EMEA at Mambu, added.
“Their customers and partners now benefit from innovation, security, and resilience of the platform, all at scale. We know this is just the beginning for the Raisin Bank team and are looking forward to being part of their story as they keep revolutionising banking services across Europe.”
All of DKB’s 4.8m of its customers are now able to access Raisin’s overnight and term deposit savings accounts under the arrangement.
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.