Raisin UK, a successful European Fintech that provides a marketplace for consumers to earn more money on their savings, has partnered with digital challenger bank Starling Bank.
According to Raisin, under a strategic partnership between the two companies, all new customers of Raisin UK will benefit from Starling Bank’s state-of-the-art account opening and transaction processing API infrastructure beginning in September.
Raisin, originally launched in Germany, expanded into the UK market earlier this year.
Raisin offers consumers a streamlined solution for finding, purchasing and managing savings products. This partnership will enable the company to build on the range of solutions it offers savers and to expand the network of partner banks that participate in the marketplace.
Additionally, the strategic partnership will at some point enable existing Starling customers to benefit from Raisin UK partner bank offers through Starling’s own marketplace.
Raisin UK CEO Kevin Mountford said the UK marketplace “has really struck a chord” in just a few months. They are now working with 5 partner banks and have already gained several thousand customers to the marketplace.
Anne Boden, CEO at Starling Bank added that their Banking as a Platform proposition has been designed and built to provide a new way to deliver bank accounts and access to payments.
“Our first client, Raisin, a disruptor in the European savings market, utilises our service bank accounts and payment processing capabilities.”
Raisin has processed over €7 billion of savings deposits across Europe. Raisin has received over €70 million in funding from names like PayPal, Thrive Capital, Ribbit Capital and Index Ventures.
