- Interest rate hikes by ECB, BoE and Fed have sent savings rates soaring over the past 12 months
- In the Eurozone, term deposits increased by €400 billion (38%) over the last 12 months
- Raisin hits €50 billion Assets under Administration and further accelerates its growth: 66% increase in just nine months
- Raisin customers have earned €1 billion in interest since the platform’s launch
- Axel Weber joins Raisin board as an advisor and board member
Berlin, September 25th 2023.
Interest rate turnaround and rising demand for savings products have resulted in a steep growth curve for Berlin-based fintech, Raisin. Shifts in monetary policy from central banks have made traditional savings products such as overnight and fixed-term deposits more appealing. In the Eurozone, term deposits increased by 38% or additional EUR 400 billion in 2023, the bulk of this growth coming from Germany with €194 billion.
The company’s recent growth has been exceptional , the most significant acceleration in Raisin’s history of over a decade. In December 2022, Raisin announced that it had reached €30 billion assets under administration. Today, just nine months later, this figure has risen by 66% to a total of more than EUR 50 billion.
In addition to Germany, all major markets, including the UK, the Netherlands, and the USA, have witnessed significant growth in savings products, indicating sustainable growth and potential for the future. In the US, Raisin has significantly accelerated its growth this year, resulting in over USD 1 billion net inflows each quarter in 2023.
Raisin has achieved this by offering its more than 1.3 million customers attractive and transparent savings and investment products, securing better returns on cash and lower costs on their investment portfolios. As a result, Raisin customers and customers of Raisin’s distributors have earned €1 billion in interest since the company’s foundation. Compared to the average interest rate available in the market, Raisin customers have received additional interest amounting to €570 million.
Furthermore, Raisin’s partner banks benefit from the opportunity to diversify their funding. In the last 12 months alone, 62 banks from different markets have expanded their funding mix by partnering with Raisin including for example Oney, part of Groupe BPCE; Bluestep, a leading mortgage finance bank from the Nordics; Barclays from the UK, as well as 8 cooperative banks (Genossenschaftsbank) from Germany and 11 community-based credit unions from the US. For banks, it makes sense to focus on granular secured deposits and diversify their funding across different countries and channels. Raisin and its partner banks thus contribute to the stability of the financial sector.
Raisin is also pleased to announce that former President of the German Bundesbank, Axel Weber, will join Raisin as an advisor and board member in December to help the company continue on its growth path. He was Chairman of the Board of Directors of the Swiss bank UBS from 2012 to 2022 and thus had key responsibility for the strategic realignment of the bank. As president of the German Bundesbank from April 2004 to April 2011, Weber was one of the key figures during the euro crisis, when the threat of a breakup of the European Economic and Monetary Union loomed.
Dr. Tamaz Georgadze, Co-founder and CEO of Raisin, comments on the success: “Exceeding €50 billion Assets under Administration are proof of how beneficial our model is for both banks and consumers. But this is just the beginning. We still have immense potential to capture in the gigantic market of over 95 trillion euros in deposits and investments in the EU, the UK, and the US. Our goal is to help even more consumers and banks optimize their financial performance and achieve outstanding results.”
Raisin is the trailblazer in the savings and investment space. Founded in 2012, the fintech company started by opening the $95+ trillion deposits and investments market of the European Union, the United Kingdom and the United States to consumers. Today, Raisin serves more than one million customers in these three markets, offering savings products and many investment and pension products. This makes the Berlin-based fintech one of the leading global savings and investments marketplaces. Savers get a wider choice of attractive products with the ability to move their money freely. In addition, financial service providers get best-in-class marketplace solutions for their customers, and banks get better access to retail funding. Raisin operates its own B2C marketplaces in Europe and the U.S. under the brands Raisin, WeltSparen and ZINSPILOT. In Germany, the company offers ETF-based investment and retirement products, Private Equity and Crypto investments, and savings products. Raisin works with over 400 banks and financial service providers from over 30 countries. Raisin has €50 billion AuA and generated over €1 billion in interest for its customers worldwide. Raisin is backed by renowned international investors such as b2venture, Deutsche Bank, Goldman Sachs, Greycroft, Headline, Index Ventures, Latitude Ventures, Orange Ventures, PayPal Ventures, Top Tier Capital Partners, Ribbit Capital, Vitruvian Partners and M&G. The company has offices in Berlin, Frankfurt, Hamburg, Madrid, Manchester, Munich and New York.
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