Despite some leading European fintech’s pulling out of the UK as a response to Brexit, Raisin, an online savings and investments company, has successfully grown in the UK and has surpassed its 2020 annual growth target. On launching Raisin UK’s new cooperation with investment platform AJ Bell, the platform is expanding its “Savings as a Service” offer to UK-based financial service providers. Based on the fintech’s continental model, Raisin UK now enables banks and other financial institutions to embed it’s deposits platform.
The new partnership launched as the fintech surpassed its 2020 growth target of £1 billion in total deposits brokered, a full quarter early. The success of the German fintech’s B2B2C integrations in Europe have extended Raisin’s reach, connecting its deposits marketplace to each new integration partner’s existing customer base.
Based on Raisin’s European experience, financial service providers in the UK will now be able to access and scale cash savings products from a range of partner banks by integrating Raisin UK. These providers then offer the Raisin marketplace to their own customers quickly and efficiently, without investing in expensive backend systems development, meeting legal hurdles, or developing their own extensive third party bank relationships.
Katharina Lueth, Raisin VP Europe and Chair of Raisin UK said: “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 leading UK investment platform AJ Bell Youinvest underlies the investment company’s new Cash savings hub – its first deposit product line – and comes on the heels of a successful soft launch with Willis Owen earlier this year.
“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,” said 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.”
