European savings marketplace outfit Raisin is acquiring Choice Financial Solutions for its push into the US market.
Raisin will license Choice FS's software to American banks and credit unions to enable them to offer customers customised, flexible deposit accounts tailored to their short and long-term needs.
These products will also be offered directly to consumers via the Raisin US platform, which will launch soon.
Launched in 2013, Berlin-bases Raisin offers an EU-wide deposit marketplace that has brokered EUR18.5 billion for 200,000 customers, working with 90 partner banks.
In July, the company raised EUR25 million from Goldman Sachs for the planned 2020 push into the $12.7 trillion US savings market.
Paul Knodel, CEO, Raisin US, says: "Joining forces with Choice Financial Solutions lets Raisin begin offering cutting-edge services to banks and customers before we even launch our US platform.
"Retail consumers increasingly expect convenience in every area of life, and banks today want to meet that demand, not just in terms of online and mobile banking, but also their banks’ available range of products."