Regardless of some main European fintech’s pulling out of the UK as a response to Brexit, Raisin, a web-based financial savings and investments firm, has efficiently grown within the UK and has surpassed its 2020 annual progress goal. On launching Raisin UK’s new cooperation with funding platform AJ Bell, the platform is increasing its “Savings as a Service” supply to UK-based monetary service suppliers. Primarily based on the fintech’s continental model, Raisin UK now permits banks and different monetary establishments to embed it’s deposits platform.
The brand new partnership launched because the fintech surpassed its 2020 progress goal of £1 billion in whole deposits brokered, a full quarter early. The success of the German fintech’s B2B2C integrations in Europe have prolonged Raisin’s attain, connecting its deposits market to every new integration accomplice’s current buyer base.
Primarily based on Raisin’s European expertise, monetary service suppliers within the UK will now have the ability to entry and scale cash financial savings merchandise from a spread of accomplice banks by integrating Raisin UK. These suppliers then supply the Raisin market to their very own clients rapidly and effectively, with out investing in costly backend methods improvement, assembly authorized hurdles, or creating their very own in depth third occasion bank relationships.
Katharina Lueth, Raisin VP Europe and Chair of Raisin UK stated: “Raisin’s goal is to create a European champion with its marketplace for financial products. From the start we have considered the UK an essential part of Europe, as our response to Brexit demonstrated. Following the Brexit referendum, we acquired a UK-based fintech and launched Raisin UK two years ago. We have not doubted the importance of the market or our commitment to UK growth for a moment since, and we’re proud to see the acceptance of our business model by UK financial institutions and consumers alike.”
The “white label” cooperation with main UK funding platform AJ Bell Youinvest underlies the funding firm’s new Money financial savings hub – its first deposit product line – and comes on the heels of a profitable mushy launch with Willis Owen earlier this 12 months.
“Service strategies have seen a rise in several key industries over the last 18 months and embedded banking services is one of the fastest growing,” stated Kevin Mountford, co-founder of Raisin UK. “With the current global landscape changing almost daily, there is an increasing demand from consumers looking for a better rate of return on their money, and the new Savings as a Service proposition allows existing players in the market to diversify their offering quickly to meet this demand. We are really excited about our latest partnership with AJ Bell and look forward to helping the business to deliver valuable products and services to its customers.”