Raisin chasing UK deposit marketplace with first acquisition
The acquisition is the first in Raisin’s history. If you’re not sick of Brexit yet, then Raisin states that “despite current market volatility and Brexit discussions, Raisin remains committed to the UK and to building up a local presence with a dedicated and experienced team”.
PBF CEO Kevin Mountford will assume overall responsibility for the UK office. PBF will become Raisin UK and says it will “significantly increase” the size of its UK-based operations. No details on numbers or timelines.
Founded in 2013, Raisin is partnering with over 40 banks and financial institutions. According to the firm, to date more than 90,000 European customers have invested over €4.3 billion into its marketplace deposits. The 120-people strong company operates “country-dedicated platforms” in Germany, France, Spain and Austria alongside its European platform.
Also founded in 2013, PBF has helped nearly 20 new deposit takers to launch into the UK market and has raised several billion pounds in retail deposits in four years. PBF’s platform technology also powers own-label financial product comparison and distribution platforms.
According to Raisin, the UK is the second largest savings market in Europe and also one of the “most dynamic markets”, with new entrant challenger banks and financial institutions launching at a fast pace.