MapleMark Bank becomes first to launch Raisin’s patented Savings-as-a-Service technology
Fintech Raisin and MapleMark Bank out of Dallas, Texas, today announced the launch of Raisin’s patented term deposits technology on MapleMark Bank’s digital platform. By integrating the Raisin Savings-as-a-Service software, MapleMark Bank becomes the first Raisin U.S. partner bank to offer clients unique term deposits that can be personalized to individual client needs.
European fintech takes strategic approach to transatlantic expansion
A leading fintech in the European savings and investments space, Raisin first announced its intention to cross the Atlantic in the summer of 2019, hiring U.S. CEO Paul Knodel from American fintech Wealthfront’s senior management team. The startup aimed to adapt its European mission to the specific conditions of the U.S. deposits market. To that end, Raisin acquired a Spanish-American deposits technology firm in early 2020, rebranding it as Raisin Technology. Together, Raisin U.S. and Raisin Technology launched the innovative Savings-as-a-Service technology for American banks later that year, pre-integrated with a leading American core banking system (Jack Henry), and won a second patent for the technology in early 2021. Raisin’s U.S. solution brings the first real innovation to the American deposits market in generations, delivering simplification, flexibility, and dynamic personalization to one of the most popular American savings products, the certificate of deposit.
Faster, simpler, and more personal: Raisin’s vision for U.S. banks and depositors
The new technology MapleMark Bank has embedded in its online platform simplifies and accelerates what was previously a long, expensive process for bankers and customers alike. With Raisin’s software, clients can view ladder, liquidity, and market-linked term deposit products online, explore available terms and yields, and open their preferred account on their own – all in a few clicks. MapleMark Bank is deploying the partnership with Raisin to expand to a larger audience beyond its existing private banking base and position its digital banking platform as a trailblazer. The software also offers banks greater control over liquidity flows and flexibility in managing their balance sheets.
MapleMark CFO Willy Wolfe says: “We’re proud, through this partnership with Raisin, to bring long-needed innovation to the American savings market. With the Savings as a Service technology, we’re able to deliver the kind of individualized deposit products that meet people’s real savings goals, quickly and conveniently.”
“An essential role of fintech today is bringing a wider range of choice to banking customers, reflecting the real variety of goals consumers have for their cash savings. Technology can deliver that choice meeting individual customer needs more transparently and simply than ever,” adds Paul Knodel, CEO of Raisin U.S.
Raisin CEO Dr. Tamaz Georgadze: “Together with MapleMark Bank, Raisin U.S. is pursuing Raisin’s core mission of breaking down barriers to better savings and investments. The U.S. deposit market hasn’t seen an innovation in decades. As a pioneer in the deposits space across Europe, it made sense for us to enter the American market by modernizing one of the most important and popular U.S. deposit product categories. Through our technology we’re creating a win-win solution for banks and customers alike. As the first step in building out our U.S. platform, Raisin’s Savings as a Service technology is helping democratize savings for consumers, while delivering flexible liquidity to partner banks who integrate the software.”
A trailblazer for platform banking and banking-as-a-service, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Launched in 2020, Raisin U.S. provides American banks a unique time deposits software solution. Raisin’s European platforms are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios and pension products. Since launch in 2013, Raisin has placed 35 billion USD for 355,000 customers in 30+ European countries and 103 partner banks. Raisin was named to Europe’s top 5 fintechs by the renowned FinTech50 listing in 2019 and 2020, to CB Insights global Fintech 250 list, and is backed by European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Ventures and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt, Raisin Pensions, and Raisin Technology all belong to the Raisin group.
MapleMark Bank provides Commercial and Private Banking, Treasury and Digital Services to businesses, entrepreneurs, professionals and families. In addition to in-person banking services at its headquarters in Dallas, Texas, and premier banking site in Tulsa, Oklahoma, MapleMark Bank offers digital first solutions to better serve a growing geographic footprint. Visit MapleMarkBank.com for more information.