Itaú BBA Europe has become Raisin’s latest partner as the bank gears up to enter Europe’s retail deposit market.
The bank will now offer short-term deposits within WeltSparen; the fintech’s lending marketplace.
Itaú BBA Europe, based in Portugal, is the subsidiary of Brazil’s largest privately-owned bank, Itaú Unibanco, with around 70 million clients and total assets of $338billion as of December 2021.
Already active in the corporate and investment banking spaces, Itaú BBA Europe is currently expanding its European business. Operating through its branch in Luxembourg, the bank is now preparing to enter the retail deposit market in Germany through its partnership with Raisin.
From the fintech’s perspective, the partnership will allow it to expand its German platform with new interest rate offers from its new partner bank, which will itself gain access to a wider range of retail refinancing sources.
WeltSparen allows consumers to digitally conclude term deposits and mitigate the loss in value of their savings in times of high inflation with affordable interest rates.
Recognising the bank as “an interesting partner” for the fintech, Elisa Fischer, head of bank onboarding at Raisin, comments: “I am pleased that the bank exclusively provides one of the best interest-bearing term deposits in the German market through WeltSparen – thanks to the short terms of six or twelve months, consumers can make the most of their savings in the current difficult economic months.”
Eduardo Martins, head of treasury and board member, Itaú BBA Europe adds: “The German savings market is very important for diversifying the funding of Itaú BBA Europe. The seamless onboarding and approved open banking structures provided by Raisin make it possible for us to collect retail deposits promptly and efficiently via the well-known interest platform WeltSparen – and we can offer consumers attractive fixed-term deposit offers as a result.”