Raisin, a European Fintech that leverages open banking to offer a deposit marketplace, says growth in the UK has topped expectations in spite of the ongoing COVID-19 health challenge. Raisin claims it is going “against trend” and has passed its 2020 annual growth target of £1 billion in deposits during Q3.
Raisin says that some European Fintechs are exiting the UK following Brexit but it continues to perform well. Raisin recently launched a new cooperation with FTSE 250-listed investment platform AJ Bell, which is expanding its “Savings as a Service” offer to UK-based financial service providers.
Raisin leverages a white label model that enables partner platforms to offer a savings marketplace without building their own back end. The partnership with AJ Bell is emblematic of its service.
“Raisin’s goal is to create a European champion with its marketplace for financial products. From the start we have considered the UK an essential part of Europe, as our response to Brexit demonstrated. Following the Brexit referendum we acquired a UK-based fintech and launched Raisin UK two years ago. We have not doubted the importance of the market or our commitment to UK growth for a moment since, and we’re proud to see the acceptance of our business model by UK financial institutions and consumers alike.”
Raisin UK co-founder Kevin Mountford, said the service strategies have seen a rise in several key industries over the last 18 months and embedded banking services are one of the fastest-growing.
“With the current global landscape changing almost daily, there is an increasing demand from consumers looking for a better rate of return on their money, and the new Savings as a Service proposition allows existing players in the market to diversify their offering quickly to meet this demand. We are really excited about our latest partnership with AJ Bell and look forward to helping the business to deliver valuable products and services to its customers.”