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New York, Dec 13, 2022. Fintech pioneer Raisin has cracked a major milestone. It has exceeded $30 billion in assets globally within its core business, savings products. In June, Berlin-based Raisin announced that it had already reached $25 billion in savings products, achieving the final $5 billion in just five months. Growth was seen in all markets, with the United States adding more than $1 billion in assets under management this year alone.
Raisin officially launched SaveBetter, its direct-to-consumer platform in the U.S. in 2021 after a short beta period in late 2020. Despite last year showing little deposit demand from financial institutions and consequently low average national interest rates for savings products, Raisin’s services resonated with both consumers and the financial institutions it serves. In the year since, as interest rates have rapidly increased with the numerous Fed hikes and rising deposit demand, Raisin has been able to connect savers with savings products offering market-leading rates, helping partner institutions grow in the process.
SaveBetter President, Ben Mclaughlin said, “We are proud to be able to offer American consumers access to highly competitive savings products nationally from exceptional financial institutions that they may not have been aware of without our platform, and in turn, provide our partners with the exposure they deserve.”
Raisin has partnered with 17 U.S. banks and credit unions and boasted impressive month-over-month growth. Through its unique digital solutions, Raisin provides financial institutions the ability to offer savings products directly to a national marketplace focused on American savers without devoting resources to additional marketing, technology, or customer onboarding and servicing.
Raisin U.S. CEO Marcel Bock said, “Surpassing $1 billion in assets under administration this year is a major milestone for Raisin in the United States and an indicator that American savers are eager for an easy-to-use platform to help them grow their money. As we continue to bring on new financial institutions and products, it’s clear that the market is primed for continued growth.”
Raisin’s business model is booming. Many people have discovered the savings platform products in recent years as an alternative to zero and negative interest rates. Since a few months, interest rates have been rising again for a long time making Raisin’s offering even more attractive. Against the backdrop of persistently high inflation and a volatile stock market, demand for cash savings deposits is on the rise. By cooperating with a large number of financial institutions from EU, UK and the USA that often do not operate their own retail business, Raisin is able to offer its customers savings products with attractive interest rates. As alternative funding sources become more expensive and the Fed continues with its restrictive monetary policy, banks are finally turning their attention to retail savers. In 2022 alone, 40 banks have launched on Raisin’s various platforms, including Aareal Bank, Itaú BBA Europe, Tandem Bank, Orange Bank and Sallie Mae Bank.
About Raisin
Raisin is a pioneer of Open Banking for savings and investment products. The FinTech company provides an open banking infrastructure for the $50+ trillion global deposit market, benefiting banks and savers alike. Savers get a wider choice of attractive products with the ability to move their money freely, while financial service providers get best-in-class marketplace solutions for their own customers, and banks get better access to deposit funding. Raisin operates its own B2C marketplaces – in Europe under the brands Raisin, WeltSparen, Savedo and ZINSPILOT and in the USA under the SaveBetter brand. In Germany, in addition to savings products the company offers ETF-based investment and retirement products as well as Private Equity and Crypto investments. Raisin works with over 400 banks and financial service providers from more than 30 countries and has over 750,000 direct customers. Raisin is backed by renowned international investors such as btov Ventures, Deutsche Bank, FinLab, Goldman Sachs, Greycroft, Headline, Index Ventures, Kinnevik, Orange Ventures, PayPal Ventures, Thrive Capital, Top Tier Capital Partners, Ribbit Capital and Vitruvian Partners, as well as Peter Thiel. The company has offices in Berlin, Frankfurt, Hamburg, London, Madrid, Milan, Manchester, New York and Paris.
www.raisin.com
press contact
Raisin
David Wall
International PR Manager
press@raisin.com
www.raisin.com