The Germany-based wealth administration fintech has utilized its 2019 acquisition of MHB Bank, a small German bank that it renamed Raisin Bank, to switch all of its prospects in-house and lower out any third events utilizing MHB Bank’s infrastructure, per Finextra.
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European prospects beforehand needed to open an account by means of Belgium-based Keytrade Bank when signing up with Raisin and utilizing its providers. Prospects will now obtain all providers from a single supply, except UK prospects, the place Raisin will stay partnered with Starling Bank to ship service choices.
Bringing all providers in-house will give Raisin larger management over every stage of the client expertise, from onboarding to ongoing interactions with shoppers. By proudly owning the client expertise that it delivers to its shoppers, Raisin can be sure that service is of a constant excessive normal — which will probably be useful for each retention and acquisition efforts. What’s extra, not being reliant on third events reduces the chance of system outages and different infrastructure-related points.
Raisin’s sequence of acquisitions over the previous yr has fueled its international enlargement and the broadening of its product suite:
- The launch of its first US product was enabled by the fintech’s Alternative FS acquisition. Raisin bought software program firm Alternative FS in January 2020, and it powered the launch of Raisin’s US Financial savings-as-a-Service software program product final month. The software program supplies banks and credit score unions with instantaneous entry to the instruments wanted to supply personalized deposit merchandise to their prospects. It additionally permits the product to be quickly deployed throughout a bank’s present department community or on-line channels.
- And Raisin leveraged the acquisition of a pension specialist fintech to increase its choices in Europe. Raisin acquired Germany-based Fairr in 2019 to enter the European pension and retirement financial savings market. Raisin’s buy of Fairr allowed Raisin to broaden its financial savings choices, open up a brand new income stream, and assist its market ambitions.
We anticipate to see extra acquisitions like these from each Raisin and the broader fintech business. The pandemic is offering a possibility for established fintechs, equivalent to Raisin, to buy smaller, struggling fintechs at a decrease price tag than in any other case. This allows fintechs to amass new service choices and earnings streams.
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