Retail deposit marketplace Raisin has acquired fellow German startup fairr, a provider of investment products for retirement savings.
Through the acquisition. Raisin’s nearly 200,000 customers will ultimately have single site access to a panoply of savings, investments and pension products.
Fairr aligns customers personal retirement goals in real time with user's combined claims across state, corporate, and private retirement savings, offering a range of ETF investment products managed through a personal financial cockpit.
Raisin CEO and co-founder Tamaz Georgadze, comments: “Through the takeover we will be able to expand our product offering specifically around the important aspects of retirement saving. Together we want to grow and bring new momentum to the sector. Next to bank deposits, retirement savings is the most important asset class for individuals, with a volume of 2 trillion euro in Germany alone.”
The acquisition follows a recent $25 million capital injection from Goldman Sachs. It's the second takeover for Raisin this year after it bought out its banking partner MHB-Bank. Positioned as a service provider for fintech startups, MHB will operate under the new moniker Raisin Bank.