Raisin and Deposit Solutions merge to create pan-European fintech giant
German fintech rivals, Deposit Solutions and Raisin, have completed a merger creating a pan-European firm with lofty US ambitions.
The two firms have spent a year preparing the deal, which now only needs to be confirmed in Germany’s commercial register.
Deposit Solutions operates deposit marketplaces for over 150 partners, connecting them with deposit-taking banks from across Europe.
Raisin offers consumers access to deposit products, and also provides exchange-traded funds (ETF) portfolios and ETF-based pension products.
They will combine to create Raisin DS, a “pioneer” in the savings and investment market, servicing banks and consumers “on both sides of the Atlantic”.
Combined, the two firms say they “can maximise the benefits for all market participants”. This comes in the creation of “more product choice and decision power” for savers, and more implementation offers for banks.
The new firm operates its own B2C platforms across Europe under the Raisin, WeltSparen, Savedo, and Zinspilot brands, and in the US under the brand SaveBetter.
It now has a customer base of 400 banks and financial services providers from more than 30 countries and 550,000 direct customers.
“Deposit Solutions and Raisin have brought important innovations to a market that has been underserved for decades,” says Tim Sievers, CEO and founder of Deposit Solutions.
“By uniting Deposit Solutions and Raisin, we’re transforming two German innovation leaders into the European champion with global ambitions.”
Tamaz Georgadze, CEO and co-founder of Raisin, adds: “Raisin DS is breaking down barriers and reinforcing our long-time vision for a single transparent market for savings and investment products.
“We want to contribute to a financial system that better serves day-to-day financial needs of people and enables banks to provide a stronger backbone to the real economy.”
Going forward, Raisin DS plans to invest in its platforms, extend the product range and expand into further markets. It is particularly targeting the US, where it claims it can tap into a deposit sector worth $17 trillion.
Raisin signed a first US partner for its Savings-as-a-Service platform earlier this week.
At the start of this year Raisin patented the product in the US. The firm can already integrate with some FIS core banking systems, as well as all of Jack Henry’s core systems.