BERLIN – September 20th, 2017 – Raisin wants to give UK savers a better choice for saving their money. Today we announce that Raisin GmbH, the leading European deposit marketplace, has acquired Manchester-based financial technology specialist PBF Solutions to offer end-to-end deposit raising for UK banks and other providers, together with a compelling proposition for UK savers.
“Raisin has created the first and by far the leading marketplace for savings products in Europe. Together with PBF we are bringing our solution to the UK savings market, with a single digital solution for banks and an integrated proposition for savers”, said Tamaz Georgadze, Raisin’s CEO and founder.
Founded in Berlin in 2013, Raisin has quickly evolved to become one of the largest fintech companies in Europe, partnering with over 40 banks and financial institutions. To date more than 90,000 European customers have invested over EUR 4.3 billion into Raisin marketplace deposits. The 120-people strong company operates country-dedicated platforms in Germany, France, Spain, and Austria alongside its European platform www.raisin.com.
The acquisition of PBF Solutions in the UK is the first in Raisin’s history and a further step towards remaining the forerunner in all European savings markets. Despite current market volatility and Brexit discussions, Raisin remains committed to the UK and to building up a local presence with a dedicated and experienced team. Raisin has been the first of its kind in Germany, Austria, Spain and France – and together with PBF Solutions will be the first of its kind in the UK savings market as well.
“The acquisition of PBF gives us the opportunity to significantly broaden our offer to UK savers and deposit takers. Furthermore, we are looking forward to taking advantage of the in-depth market knowledge and technological know-how of PBF’s experienced team. We are truly excited to be working together”, continued Tamaz Georgadze.
Also founded in 2013, PBF has helped nearly 20 new deposit takers to launch into the UK market and has raised several billion pounds in retail deposits in just four years. PBF’s platform technology also powers own-label financial product comparison and distribution platforms for partners such as the Daily Mail.
PBF CEO Kevin Mountford will assume overall responsibility for the UK expansion of Raisin. He brings over 20 years of experience in the sector and a track record from companies such as MoneySupermarket.com and Halifax Bank of Scotland. PBF will become Raisin UK and will expand its services to the market over the coming months and significantly increase the size of its UK-based operations.
The UK is the second largest savings market in Europe and also one of the most dynamic markets, with new entrant “challenger” banks and financial institutions launching at a fast pace. The reality of Brexit expedited the desire for Raisin to address the market with a dedicated team and resources within the UK.
“We are delighted to be joining the Raisin family, which will provide us with the scale and resources to better serve UK savers and our partner banks“, said PBF’s CEO Kevin Mountford.