Technology supergeniuses and uber-popular podcasters aren’t the only ones choosing to set up shop in the Lone Star State these days. German savings marketplace Raisin has gone live with its first U.S. partner bank – Dallas, Texas-based MapleMark Bank – launching its term deposit products o MapleMark’s digital platform.
“Together with MapleMark Bank, Raisin U.S. is pursuing Raisin’s core mission of breaking down barriers to better savings and investments,” Raisin CEO Tamaz Georgadze said. “The U.S. deposit market hasn’t seen an innovation in decades. As a pioneer in the deposits space across Europe, it made sense for us to enter the American market by modernizing one of the most important and popular U.S. deposit product categories.”
Raisin made its choice of MapleMark known back in April. The integration of Raisin’s savings-as-a-service technology will enable MapleMark to engage new customers beyond its current private banking base. Raisin’s solution will allow MapleMark’s affluent clients to access personalized certificate-of-deposit products easily without having to open multiple, potentially unrelated banking accounts just to meet their cash savings goals. MapleMark Chief Financial Officer Willy Wolfe said that the partnership was a “win-win” for both the bank and its customers, and changed what historically had been a long, complex, and expensive undertaking into a process that is “instantaneous and simple.”
“Being able to generate cost-effective individualized deposit products at the click of a button advances MapleMark’s digital positioning in a highly competitive field, while also simplifying funding for the bank,” Wolfe explained.
Raisin’s solution enables financial institutions and their clients to personalize term deposits, including a schedule of projected outflows. Banks and customers can also choose to customize market-linked products to add exposure to potential upside from the market while still benefitting from the protection of a time deposit. Raisin’s pre-built term solutions for ladder, liquidity, and market-linked products are available to customers, as well.
Founded in 2012 and launched from its Berlin, Germany headquarters a year later, Raisin has place $32 billion for 335,000 customers in more than 30 European countries and more than 100 partner banks. Named one of Europe’s top five fintechs for 2019 and 2020, Raisin has raised $206 million in funding from investors including PayPal Ventures and Thrive Capital.