Cross-border banking service meets cross-border savings in one app

Monese and Raisin launch new service Monese Savings to offer better savings

Monese, the banking service that gives people the financial freedom to thrive anywhere, is announcing a pan-European partnership with the cross-border deposits marketplace Raisin. Starting today, Monese personal account customers in the UK, Germany, Austria, France, the Netherlands, and Spain will gain access to the Raisin platform, directly through the Monese Hub. With a broad choice of Raisin’s more than 500 competitive, transnational savings products, available from over 80 partner banks located across the entire European Economic Area, Monese users will be able to select their preferred deposit in a new streamlined process.

As the partnership unfolds over the following weeks, it will ultimately provide seamless savings account access and management all within the Monese Hub, under a new service, Monese Savings. Designed to help customers save for a planned trip abroad, the next stage of life, or simply into a rainy day fund, Monese Savings will facilitate automated, recurring payments to the customer’s Raisin savings account — aiming to create greater transparency and profitability on savings, and thus to place customers’ goals within their own reach.

Monese Savings sit alongside Monese Pots, Monese’s non-interest bearing savings accounts, which were introduced in May 2019. Savings and Pots are designed around the lives of the internationally mobile Monese customer and those who use Monese as a primary bank account. With over 70% of incoming funds being from salary payments, Monese is a primary account for the majority of its customers, and these customers increasingly want greater financial freedom, and more control over their spending and savings, wherever they may be.

The fast growth, strong funding and broad international presence of both fintechs positions the partnership to set a new benchmark in fintech collaboration toward a more harmonized European savings market. Over 1.4 million people have signed up to Monese, with customer growth tripling in 2018 and over 100,000 people now joining Monese every month. Demand for Monese across mainland Europe surpassed that of the UK in November 2018, and in March 2019, two-thirds of all sign-ups to Monese were in mainland Europe. Raisin, having raised fresh capital of €125 million in 2019 alone and surpassed €15.5 billion in total brokered volume since 2013 for customers in 31 countries, brings a unique network of banking and distribution partners.

 

 

Norris Koppel, CEO and founder of Monese, said: “We are delighted to be launching this partnership with Raisin, as we further develop our savings products and features. We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement. The majority of these customers use Monese as a primary account and we know they want their money and their savings to work harder, so they can thrive anywhere. Through this partnership with Raisin customers will have fantastic access to competitive savings rates.”

 

 

 

Raisin CEO and co-founder Tamaz Georgadze added: “Monese customers appreciate banking across borders. To provide users of Monese banking services an opportunity to earn more on their savings, we’re launching better saving options from all over Europe on a pan-European scale, in six markets simultaneously. With our collaboration we’re setting a new standard in finance, addressing what consumers actually need in a changing world.”

 

About Monese

Monese was founded in 2013 by Norris Koppel, after his first-hand experience of the hassle involved with opening a bank account in a new country. Monese gives people the financial freedom to thrive anywhere. Monese is for the hundreds of millions of people who live some part of their life in another country – whether it’s for travel, work, business, study, family, or retirement.

With its mobile-only multi-currency current accounts, its portability across 31 countries, and both the app and its customer service available in 12 languages, Monese allows people and businesses to bank like a local across the UK and Europe.

With over 1.4 million sign-ups, 70% of incoming funds being from salary payments, and a 8.9/10 TrustPilot score, Monese is one of the fastest growing, most popular and trusted banking services in the UK and Europe.

Monese fully supports and speaks: English, French, German, Romanian, Polish, Portuguese, Italian, Spanish, Bulgarian, Czech, Lithuanian and Turkish. The company employs over 300 people, and has offices in London, Tallinn, Lisbon and Berlin.

For more information on Monese, visit: http://www.monese.com

 

About Raisin

A trailblazer for open banking and the leading pan-European one-stop shop for online savings and investments, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Raisin’s platforms — under the brand WeltSparen in the German-speaking world — are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to more than 500 attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios (now available in Germany). With one online registration, customers can choose from all available investments and subsequently manage their accounts. Since launch in 2013, Raisin has brokered more than 15.5 billion EUR for almost 200,000 customers in 31 European countries and over 80 partner banks. Raisin was named to Europe’s top five fintechs by the renowned FinTech50 awards and is backed by prestigious European and American investors such as btov Ventures, Goldman Sachs, Index Ventures, Orange Digital Ventures, PayPal Ventures, Thrive Capital and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt and pensions specialist fairr all belong to Raisin.