Tamaz Georgadze / Raisin.
Raisin CEO expects deposits to reach over €50bn by year end
The savings marketplace today boasts €43bn has been invested via its platform.
Germany savings giant Raisin is on track to reach a major milestone of over €50bn in assets under management (AUM) by the end of the year.
The figure, revealed by CEO Tamaz Georgadze in an interview with Bloomberg, is up from the €43bn currently invested via Raisin’s platform.
Over half of the growth is expected to come from outside Raisin’s core European markets, driven by the company’s success in the UK and US.
Raisin operates a savings marketplace with over 400 banks and financial service providers across over 30 countries, giving savers the ability to find the best savings accounts for their needs.
Rising interest rates are prompting millions of people to look for better rates on their savings, as incumbent banks are often the slowest to pass on these rate rises to their customers.
“Whether in wealth management or corporate banking, if you’re a large customer, you get rates passed through. But where are the higher rates for smaller depositors?” asked Georgadze in his interview with Bloomberg.
“We’re doing the work of passing on the ECB’s rates more rapidly than the market on average.”
In March, Raisin passed 1 million customers and raised a €60m Series E funding round in order to keep expanding and launching new products.
The fintech expects to add between 25 and 30 new banks to its platform this year, with a large number of those based in the US.