Israel-based bank and smart payments provider Credorax has partnered with German savings marketplace Raisin to offer retail deposits to customers in Germany.
The partnership allows Credorax to launch its banking products in the region and diversify its portfolio and funding to the German market.
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WeltSparen, Raisin’s German platform, will feature the company’s new products for retail customers who seek savings opportunities with higher interest rates.
Raisin CEO and co-founder Tamaz Georgadze said: “Making Credorax’s first deposit products available exclusively to our customers in Germany is a win for Raisin and for German savers looking for competitive yields on their deposits.
“By facilitating investing anywhere in Europe, we’re providing customers with a solution to the persistent low-interest environment in Germany.
“With this partnership we can create an opportunity for Credorax within the smart payments sector to diversify their funding base and take another step toward the new cooperative fintech economy – one built on specialization and partnerships like this.”
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By GlobalDataThe partnership will benefit Credorax and Raisin
The cross-border partnership will allow Raisin to broaden its product portfolio for customers, while Credorax will be able to expand its banking offer.
The Israeli bank will be able to offer deposits in new markets and gain retail funding for growth in the European market.
Credorax CEO Igal Rotem said: “Partnering with Raisin is a great opportunity for Credorax. As the payments and banking sector rapidly evolves in Germany and across Europe, this unique partnership allows us to expand our offering on the continent to include deposits.
“Entering the savings market both extends our range of products and services and enables us to continue building our capacity to support more European merchants with our payments technology.”
Source, a gateway technology developed by Credorax, provides a streamlined payments experience to merchants to better manage their payments.
Raisin, founded in 2012 in Berlin, offers simple access to attractive and guaranteed deposit products from all over Europe, as well as ETF portfolios.
