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Raisin moves customers to its own bank

Raisin moves customers to its own bank

Germany-based wealth management outfit Raisin is putting its recent acquisition of MHB Bank to use by bringing all of its customer services across Europe in-house.

The Raisin platform connects dozens of partner banks with more than 250,000 customers from different European countries.

Until now, Raisin customers across Europe opened a service account with Belgium-based Keytrade Bank as part of signing up with Raisin and transferring funds into competitive deposits on the marketplace.

However, last year the fintech bought MHB Bank of Frankfurt, meaning it can now bring everything in-house, offering all European customers uniform banking services while also expanding its product offering.

There is one exception: with Brexit in the air, Raisin's UK subsidiary will continue to partner Starling Bank.

Katharina Lüth, VP Europe, Raisin, says: "We benefit as a result of the wide range of synergy effects within our group of companies and, as a European company, are thus consistently living the idea of a European single market.

"Going forward, our customers - as well as our partner banks and other business partners - will receive all their services consistently and from a single source."

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