German FinTechs Raisin and Deposit Solutions have merged in a move that will see the creation of Raisin DS – a new market-leading B2C savings company.
Established in 2013, Raisin is a pan-European wealth management platform that connects retail customers with financial institutions looking to expand or diversify their deposit reach. Deposit Solutions operates deposit marketplaces for over 150 partners – including banking giant Deutsche Bank – and connects them with deposit-taking banks from all across Europe.
Combined, both companies collaborate with around 400 banks and financial services providers in over 30 countries. The two businesses will split executive responsibilities and employ 500 staff in Berlin.
Raisin DS will have substantial growth potential in the European deposit market, despite the aforementioned market being worth €20trn. The merged superpower will also have potential to grow in the $17trn US market – which the companies both recently entered.
Between both Raisin and Deposit Solutions, the companies have raised a total of €300m in private investment.
Deposit Solutions CEO Tim Sievers said, “We have been working on this merger for a long time and I am happy and proud that we were able to turn competitors into allies. With joint forces, we are going to increase our market coverage in Europe, build a significant presence in the US, and pursue our mission to establish Open Banking as the industry standard in the global deposits business.”
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