Daniel Smith, CEO of Choice Financial Solutions
Raisin, a Berlin-based wealth management platform, agreed to buy Choice Financial Solutions, a software firm that will allow American banks and credit unions to offer a broader range of savings products directly to their customers or through the Raisin platform.
Choice FS, which originally launched in 2010, will allow banks to offer customized short and long-term savings products that offer for example, cash distributions at set periods over time or ad hoc withdrawal availability.
“Joining forces with Choice Financial Solutions lets Raisin begin offering cutting edge services to banks and customers before we even launch our U.S. platform,” Paul Knodel, CEO of Raisin U.S., said in a company release. “Retail customers increasingly expect convenience in every area of life, and banks want to meet that demand, not just in terms of online and mobile banking, but also their bank’s available range of products.”
Choice FS founder and CEO Daniel Smith said the company has been able to help banks and credit unions, burdened with legacy systems, develop customized deposit products for individual customers without excess overhead for the financial institution.
“Joining the Raisin family for us means greatly strengthening our ability to scale and connect our software to the sector that needs it most,” he said,” in the release.
Terms of the deal were not disclosed.
Cover image: Raisin
Topics: Mobile Banking