PayPal-Backed Raisin Savings App Launches U.K. Website

Brexit Impact On Small Banks

PayPal-backed Raisin has launched a dedicated U.K. site for its savings deposit marketplace.

According to TechCrunch, the site allows consumers to shop for a better interest rate across Europe. Its first partner bank in the U.K. is BACB, which is offering a range of fixed-term savings accounts with competitive interest rates.

The company revealed that it’s working on adding more banks to the platform and “will build a marketplace with a broad range of participating banks and savings products over the coming months.”

Founded in Berlin in 2013, Raisin has partnered with more than 45 banks and financial institutions. So far, more than 100,000 European customers have invested over €5 billion into Raisin marketplace deposits. The U.K. team became part of Raisin in September 2017.

Along with strategic investor PayPal, Raisin has raised more than €60 million from backers that include Thrive Capital, Ribbit Capital and Index Ventures.

The marketplace allows its customers to compare different rates European-wide through a single interface that includes account opening and anti-money laundering checks.

“We do not promote one product over another based on how much we earn,” the company explained on its site. “Our default listings are generally based around rate offered against different time horizons, and the tools we provide on our site are aimed at helping you discover products that meet the criteria you set for your savings.”

For the banks partnering with Raisin, there is exposure to customers across Europe, as well as greater access to deposits.

“This represents the beginning of our journey to bring great partner banks with attractive offers to U.K. savers. Over time we will be introducing enticing marketplace features to offer savers a better deal for their money,” said Raisin U.K. CEO Kevin Mountford in a statement.