Raisin, a global Fintech that offers a marketplace for savers as well as other services, has reached $30 billion in assets under management (AUM). This includes surpassing $1 billion in AUM in the US, operating under the SaveBetter brand.
According to a statement by the firm, the $30 billion has been topped within its core savings products. Last June, Raisin announced $25 billion in AUM so the last $5 billion has taken place in the past five months.
Raisin officially launched SaveBetter, its direct-to-consumer platform in the U.S. in 2021 after a short beta period in late 2020. As interest rates have risen dramatically in the past few months, interest in the Fintech’s services has increased.
SaveBetter President Ben Mclaughlin stated:
“We are proud to be able to offer American consumers access to highly competitive savings products nationally from exceptional financial institutions that they may not have been aware of without our platform, and in turn, provide our partners with the exposure they deserve.”
Raisin reports that it has partnered with 17 US banks and credit unions fueling month-over-month growth. Raisin provides financial institutions the ability to offer savings products directly to a national marketplace.
Raisin U.S. CEO Marcel Bock added that the $1 billion hurdle is a major milestone for Raisin and an indicator that Americans are eager for an easy-to-use savings platform.
“As we continue to bring on new financial institutions and products, it’s clear that the market is primed for continued growth.”
Raisin reports that in 2022 alone, 40 banks have launched on Raisin’s various platforms, including Aareal Bank, Itaú BBA Europe, Tandem Bank, Orange Bank, and Sallie Mae Bank.