Italian Bank Startup Illimity Forms Partnership with Raisin

illimity, a banking start-up listed on Borsa Italiana’s MTA exchange, has formed a partnership with Raisin, Fintech marketplace for online savings and investments in Europe.

illiminity is a “new generation Italian bank” formed by the merger between SPAXS and Inter-provincial Bank. It plans to reach around €7 billion of total assets by 2023.

Raisin is a Fintech for savers that removes artificial geographic borders when seeking the best interest rates to maximize returns.

illimity’s deposit accounts will now be available on Raisin’s platform. illimity will offer term deposit accounts through various channels including WeltSparen, Raisin’s proprietary deposit portal.

According to a note from Raisin, the partnership will enable illimity to take its deposit account offer cross-border without having to set up any retail infrastructure.

Meanwhile, illimity’s domestic deposit accounts will be available by the end of the first half of the year, concurrent with the launch of its new digital direct bank.

illimity’s cross-border deposit account offer through Raisin will initially be addressed to savers in Germany, and, upon authorisation country by country through the rest of the EU.

“Entering a strategic partnership on the deposit front with a top-rate Fintech such as Raisin, just a few months after the business combination, is a source of considerable pride for us. And it also testifies to the high level of confidence placed in our banking start-up by a company which, like us, is deeply committed to innovation, efficiency and transparency,” said Francesco Mele, illimity’s Chief Financial Officer & Head of Central Functions. “The partnership with Raisin will enable illimity to diversify its funding sources by means of a flexible and efficient tool, consistent with its business plan”.

Today, Raisin is one of the most highly capitalised Fintechs in Europe.

Raisin has launched local platforms in Germany, Spain, the United Kingdom, and another three markets, together with the pan-European website, so far attracting 175,000 customers in 31 countries.

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