“We are proud to be the first online platform in Spain offering term deposits from banks across Europe to Spanish savers. This demonstrates that Raisin is a pioneer in the European fintech scene.” says Raisin CEO and founder Dr. Tamaz Georgadze. Spanish savers lack investment options that offer attractive interest rates, no hidden fees, and a user-friendly environment rendering this market entry timely for Raisin and Spanish savers alike. All deposits with Raisin’s partner banks are guaranteed 100% up to EUR 100,000 per customer and per bank by national deposit guarantee schemes in accordance with EU directives.

Spain is the fourth largest savings market in the Eurozone and a record amount of more than €761 billion is lying in Spanish bank accounts. Spaniards channel on average around 40% of their savings to deposits, even though average interest rates have slumped from around 5% in 2008 to 0.15% in September of the current year (sources: Bank of Spain, European Central Bank).

David Jiménez Maireles, Country Head Spain states: “Raisin enables Spanish savers to swiftly place their savings in European banks that offer substantially higher interest rates than the average offered by Spanish banks. Raisin is free of charge for customers and currently offers interest rates of up to 1.05% AER. This means our service enables Spanish savers to earn more without facing greater risk.”

In coming months, Raisin plans to enter additional European markets with localised platforms: “There is significant appetite in Europe for the products and services we offer. We have seen this with our Pan-European platform www.raisin.com. We want to help Spanish savers and savers all across Europe to earn higher interest - just like our German customers have already earned € 15 million in additional interest”, says Katharina Lueth, Head of Europe at Raisin.