Fintech deposit marketplace hits 100,000 customers

Raisin notches milestones shortly after entering the UK market via acquisition.

Savings specialist Raisin continues to gain momentum. The savings account marketplace now has itself 100,000 customers. The company is also integrated with more than 40 banks, from across 18 European countries, including a number of challenger banks and even an online lender (Younited Credit). SolarisBank is its newest partner.

Raisin allows savers to surf the savings products of these providers and to manage multiple savings portfolios in one place, via its online platform. It expanded into the UK in September, through the acquisition of PBF Solutions.

Raisin was first launched in 2013 as weltsparen.de, which was localised to Germany. It soon rolled its solution out across Europe through expansions to Austria, Spain and France, leading to the launch of raisin.com.

To date, the German-based fintech company has been able to attract total deposits of €4bn, earning its customers €35m in interest. The majority of the €4bn is invested in fixed-term deposits of up to two years. Data from Raisin shows that the average interest rate enjoyed by its users has consistently outperformed the average deposit interest rate in Europe, although both metrics have declined significantly over the past four years, as can be seen in the chart below. 

As one might imagine, the largest part of Raisin’s customer-base is comprised of 56-65 year olds. The number of female customers as a proportion of its total customer-base total is on the rise, currently standing at one third.