Cross-border savings and investments marketplace Raisin announced on Wednesday it is acquiring software company Choice Financial Solutions. Raisin reported that the acquisition will make its first real innovation to the U.S. deposits market in generations broadly accessible to banks across the country.
“Raisin will license Choice Financial Solutions’s original software to American banks, enabling the banks to create uniquely flexible deposits and offer those products directly to their own customers, or via the Raisin U.S. platform to all U.S. retail consumers.”
While sharing details about the acquisition, Raisin U.S. CEO, Paul Knodel, stated:
“Joining forces with Choice Financial Solutions lets Raisin begin offering cutting-edge services to banks and customers before we even launch our U.S. platform. Retail consumers increasingly expect convenience in every area of life, and banks today want to meet that demand, not just in terms of online and mobile banking, but also their banks’ available range of products. As a leading innovator in the deposits space, Raisin sees Choice FS as a perfect fit for our mission in the U.S. deposits market. The enthusiastic market feedback we have already received affirms how ripe the savings space is for just this type of personalization.”
Raisin COO and co-founder Michael Stephan, then added:
“An essential part of Raisin’s strategy in delivering value to our customers and our partner banks is identifying the needs of each market we enter. This new technological solution means helping U.S. financial institutions reach the customers they need with the products those savers want. In the U.S., we know that both personalization and flexibility are key – which is why Raisin is investing in Choice’s original software and bringing the first customizable deposits to the American savings market.”
Founded in 2013, Raisin claims to be the leading pan-European savings and investment marketplace connecting retail customers with banks looking to expand or diversify their deposit reach. The company’s services are available in English across Europe and operate country-dedicated platforms in Germany, France, Spain, the UK, the Netherlands, and Austria. In March of 2018, Raisin acquired a bank becoming the first Fintech to do so in continental Europe. In July, Raisin announced that Goldman Sachs had invested €25 million into the Fintech.