Savings are not the raciest part of fintech, but a big source of competition both in the UK and in Europe.
Digital savings marketplace Raisin UK saw its most successful quarter-to-date in the last three months of 2019, and is looking to hit by £1bn of assets in 2020.
Launched last year in the UK, the German-founded disruptor has a Manchester-base as well as five new banks integrated with its platform: OakNorth, Wyelands, Aldermore and Cardiff based, Hodge Bank.
The online marketplace now offers different savings accounts from over 13 banks, with "many more" due to join the platform in the next few months it says.
Discussing the business’ 2020 targets, Raisin UK CEO, Kevin Mountford. “This year has been significant for us laying down a strong foundation to achieve our £1 billion targets next year. From tech partnerships with leading money management apps Yolt and Monese, we’ve also developed strong distribution partnerships with UK market leaders Legal & General and ClearScore.
“Since our launch, we’ve seen changes in the market that are driving a savings-savvy consumer that is driving a highly competitive market. Consumers are now actively seeking out better rates and locking their money away for longer periods than ever before. Over the last six months, we have seen a 6% uplift in customers choosing fixed-term savings accounts over 12 months, which has been increasing MoM which we predict will continue to grow well into 2020.
To date, across Europe Raisin says it has brokered €18bn and has 225,000 customers across 31 European countries on Raisin’s seven platforms. With 87 partner banks.
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