As our readers know, we at FintekNews always try to report on U.S. fintech stories BUT every so often something of significance happens overseas that will surely find its way to the U.S. Such is the case with a German fintech Raisin, which lets people invest in savings accounts across Europe. In that way people can "shop" on their platform for the best and highest rates around the continent (yes, not every bank offers the same rates to attract money). Great concept. Many many years ago a friend in Chicago did the same thing in the U.S comparing CD rates from banks around the country. Alas, no internet or high tech or he could be worth billions. Go Raisin, Go Raisin.
(Bill Taylor, CEO)
"German fintech Raisin has passed €2 billion (£1.7 billion, $2.1 billion) of investment over its platform three years after launching.
Raisin announced in a press release on Tuesday that it had passed the milestone, just three months after announcing €1.7 billion had been invested over its platform. The fintech said the money comes from 60,00 customers, up from 50,000 in September.
Raisin's head of Europe Katharina Lueth told Business Insider: "Most customers start with one product to try out the platform but once they have seen that everything works they tend to come back for a second and a third product. The growth comes from both existing customers and new customers."
Berlin-based Raisin, founded in 2013, lets customers across Europe invest in savings accounts around the EU that offer the best interest rates. It claims its customers have earned €20 million in interest since its launch and German customers have earned €15 million more than they would have done had they invested in domestic savings products.
Raisin, formerly known as WeltSparen, does not hold customer money and instead opens an individual account for each saver with the corresponding account. Raisin currently has a German, English, Spanish, and French-language version of its service.
Lueth says expanding its network of local language websites and signing up new partner banks will be a priority for Raisin this year..."
Source: BusinessInsider