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Raisin goes live with first US partner bank

Raisin goes live with first US partner bank

Berlin-based deposit marketplace Raisin has gone live in the US with its first partner bank.

MapleMark Bank has become the first US bank to embed Raisin's Savings-as-a-Service software in its online platform. Using the technology, mapleMark clients can now view ladder, liquidity, and market-linked term deposit products online, explore available terms and yields, and open their preferred account on their own with just a few clicks.

Raisin first announced its intention to cross the Atlantic in the summer of 2019, hiring US CEO Paul Knodel from American fintech Wealthfront’s senior management team.

The firm has spent the intervening time adapting its software to the specific conditions of the US deposits market. Part of this entailed the acqusition of a Spanish-American deposits technology firm Choice Financial Solutions in early 2020, rebranding it as Raisin Technology.

Since then, the firm has integrated its deposit marketplace with US core banking supplier Jack Henry and secured a second patent for the technology in early 2021.

MapleMark CFO Willy Wolfe says: “With the Savings as a Service technology, we’re able to deliver the kind of individualised deposit products that meet people’s real savings goals, quickly and conveniently”

Since launch in 2013, Raisin has placed $35 billion for 355,000 customers in 30+ European countries and 104 partner banks. The firm is backed by European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Ventures and Ribbit Capital.

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