Raisin lands first US partner bank with Dallas-based MapleMark
German Banking-as-a-Service (BaaS) fintech Raisin has landed its first US partner in Dallas-based MapleMark Bank.
MapleMark Bank is deploying the Raisin Savings-as-a-Service software product, embedded in its online banking portal.
Raisin says clients can now view ladder, liquidity, and market-linked term deposit products online, explore available terms and yields, and open their preferred account on their own.
For its part, MapleMark Bank wants an expansion of its audience beyond private banking. It aims to position itself as a “digital trailblazer”.
“With the Savings-as-a-Service technology, we’re able to deliver the kind of individualised deposit products that meet people’s real savings goals,” says Willy Wolfe, MapleMark CFO.
Raisin first announced its intention to move stateside in May 2020, spotting an opportunity in the low growth of commercial deposits.
To fuel its newfound growth plans, Raisin had already acquired US firm Choice Financial Solutions in January 2020.
The deal gave Raisin a foothold into partnerships with North American banks and a 2011-patented, market-linked certificate of deposit (CD) product.
At the start of this year Raisin patented its Savings-as-a-Service product in the US. The firm can already integrate with some FIS banking core systems, as well as all of Jack Henry’s core systems.
“The US deposit market hasn’t seen an innovation in decades,” says Raisin CEO Tamaz Georgadze.
“As a pioneer in the deposits space across Europe, it made sense for us to enter the American market by modernising one of the most important and popular US deposit product categories.
“Together with MapleMark Bank, Raisin US is pursuing Raisin’s core mission of breaking down barriers to better savings and investments.”
Raisin’s CEO for the US, Paul Knodel, says finech’s “essential role” is to bring a wide range of choice to banking customers, and reflect on the “real variety of goals” consumers have.
He adds: “Technology can deliver that choice, meeting individual customer needs more transparently and simply than ever.”