Payments startup Betalo is partnering with Raisin to offer the German company's pan-European savings products to Swedish customers.
The Swedish payments startup says it will promote Raisin's savings products to its customers, including a higher sign-up bonus than typically offered. During 2017, Betalo users will be able to open and fund their Rasin account directly in the Betalo app.
Describing the partnership as their initial effort to bring leading financial services to Nordic markets through their mobile app, Betalo CEO, Stefan Salomonsson, says: "Our goal is to make it easier and less expensive to use innovative FinTech services. This is the first step in that direction, and we are continuously looking for partnerships that improve our customers' everyday banking experience".
The partnership is launching after Betalo closed a new round of funding this October, bringing total investment into the company to €2.3M. Started in 2011, Betalo has previously focused on providing payment solutions to six Swedish banks. Their service enables the movement of money between a diverse mix of customer financial accounts without having to switch banks.
Future plans to extend the Betalo platform to a wider base of financial products are planned, with new functionality being released later this year, says Salomonsson.
Raisin have raised close to 32 million dollars, and have more than 50,000 customers who have invested more than 1.7 billion Euro into their savings platform.
"Raisin offers the best interest rate to European consumers, and wants to break down the borders for how they use financial services. The collaboration with Betalo is an important step towards this, says Katharina Lueth, Head of Europe at Raisin.
Says Salomonsson: "Our partnership with Raisin is based on our shared view that customers should be able to use their favorite financial services, in an easy-to-use manner, no matter who they are or where they are located."