Deposit marketplace fintech enters UK via acquisition

PBF Solutions gets bought by German fintech firm Raisin, as Brexit "expedites" its desire to launch in the UK.

PBF Solutions gets bought by German fintech firm Raisin, as Brexit "expedites" its desire to launch in the UK. 

A leading European deposit marketplace has acquired Manchester-based fintech PBF Solutions as part of its entry into the UK market. Raisin will target UK savers with its marketplace of savings accounts, while also offering an end-to-end deposit raising solution for UK banks and other firms.

Founded in Berlin in 2013, Raisin is already partnered with 40 banks and financial institutions across Europe. In the past four years the firm has also attracted over €4.3bn in what it calls “marketplace deposits”.

“Raisin has created the first and by far the leading marketplace for savings products in Europe,” said Tamaz Georgadze (pictured), Raisin’s CEO and founder. “Together with PBF we are bringing our solution to the UK savings market, with a single digital solution for banks and an integrated proposition for savers.”

Raisin’s marketplace features 35 banks, including a number of challengers, such as Banco BNI Europa and Younited Credit (which is licensed to take deposits, despite being known primarily as a marketplace lender). Raisin’s aim is to deliver market-beating interest rates to savers in a seamless fashion.

PBF has helped around 20 deposit takers to launch in the UK over the past few years, and claims to have raised several billion pounds in retail deposits since launching in 2013. Its technology platform also powers white-label comparison and distribution platforms, for partners such as the Daily Mail.

“The acquisition of PBF gives us the opportunity to significantly broaden our offer to UK savers and deposit takers,” continued Georgadze. “Furthermore, we are looking forward to taking advantage of the in-depth market knowledge and technological know-how of PBF’s experienced team.”

PBF will become Raisin UK, and will significantly increase the size of its UK-based operations over the coming months. CEO Kevin Mountford will take charge of Raisin’s UK expansion.

The UK is the second largest savings market in Europe. Raisin wrote in a press release that “the reality of Brexit expedited" its desire to launch in the UK. The aforementioned Younited Credit, which yesterday closed a €40m fundraise, said that it would postpone its decision on whether to expand to UK shores precisely because of the uncertainty surrounding Brexit. Clearly the partner firms hold contrasting interpretations of how leaving the European Union will affect the UK market.