PayTech

PayPal-backed German Fintech startup Raisin Launches in Ireland, Promises to Triple Interest rates on Deposits

Monese

Berlin-based savings and investment marketplace Raisin, backed by high-profile companies including Index Ventures and PayPal launched in Ireland.

The German fintech company is promising to triple interest rates on deposits for Irish savers. Raisin.ie is launched with best-in-market interest rates on most term deposits, finally propelling Ireland out of the last place on Europe’s retail interest rate ranking.

Since launch in 2013, Raisin has brokered more than €16 billion in total and has delivered more than €115 million in interest to over 200,000 savers across 31 European countries and 82 partner banks.

Offering 1.2% on term deposits

This fintech saving platform is offering up to 1.2% on term deposits, where Irish savers will get the chance to earn up to three times more on their savings.

In addition, Irish banks will be able to provide their customers with a range of deposit products by integrating Raisin’s offers into their platforms.

Dr Frank Freund, Chairman of the Supervisory Board of Raisin Bank AG and Co-founder of Raisin said, “Raisin Bank is enlarging its focus on fintech and digital banking, areas driving the customer-centric direction of retail banking today. We were thus eager to take this opportunity to lead on the launch of a Raisin platform in such an important market. With the Raisin.ie, marketplace, Raisin Bank is enabling Irish customers to significantly increase their profits on deposits by connecting them in a simple, transparent way to competitive offers on the continent”.

The lowest retail interest rate in Europe

It’s worth mentioning that, Irish savers have faced the lowest retail interest rates in Europe, blocked from earning more than on average 0.03% on their savings according to the ECB’s most recent data by stubbornly low local rates.

The new savings platform for Irish savers is the first platform launched as a collaboration between Raisin Bank of Frankfurt and the pan-European fintech Raisin.

Marketplace for online savings and investments

Founded in 2012, by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO), Raisin’s marketplace offers an open banking platform for online savings and investments for customers across Europe. With one online registration, customers can choose from all available investments and subsequently manage their accounts.

Earlier this year, the company acquired Frankfurt-based MHB-Bank, which now operates under the name Raisin Bank.

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Backed by reputed European and American investors

Raisin has been named to Europe’s top five fintechs by the renowned FinTech50 awards. This platform is backed by European and American investors such as btov Ventures, Goldman Sachs, Index Ventures, Orange Digital Ventures, PayPal Ventures, Thrive Capital and Ribbit Capital.

Alejandro McCormack, Business Development Manager for the Irish market at Raisin, said: “By removing the barriers to access and collecting good deals from across the European Economic Area all in one place, Raisin Bank’s Irish platform aims to bring dynamism back into a massive sector of the economy: savings. We put more money into regular people’s pockets when we democratise deposits. So we’re thrilled to be able to offer Irish consumers the ability to earn real interest on their savings”.