Legal & General inks its first fintech partnership
Legal & General (L&G), has announced a partnership with Manchester-based fintech, Raisin. The collaboration will provide L&G’s customers with access to cash savings accounts protected by the Financial Services Compensation Scheme (FSCS) through Raisin’s marketplace.
With the UK retail savings market worth an estimated £700 billion, L&G’s new partnership with the European deposit specialist will help diversify its product offering and answer growing calls from consumers looking for greater choice and more control when it comes to planning for their financial future.
The first phase of the partnership will allow L&G’s customers to compare and choose from a range of savings accounts offered by Raisin’s European partner banks – all managed from a single account and login: the Raisin UK Account. This will allow customers to invest and manage their savings portfolios from the comfort of their own home with full control at their fingertips.
It’s the first strategic partnership of its kind for L&G and for Raisin UK – its second major announcement this year following their first partnership announcement with ClearScore.
Discussing the importance of strategic partnerships, L&G’s Janine Menasakanian comments: “Through our partnership, we can offer the competitive rates that Raisin has negotiated while working collaboratively with a like-minded, forward-thinking business. Our relationship with Raisin is one of many we hope to commit to going forward”.
Discussing the launch Kevin Mountford, Raisin UK CEO, says: “Put simply, the UK savings market has become stale. With bottoming rates and a genuine outcry from consumers looking for greater choice and more control, our partnership with Legal & General is a big step in helping UK consumers actualise those demands.”
Since launching, Raisin has brokered €14.5 billion for more than 185,000 customers in 31 European countries and almost 80 partner banks.