German fintech Raisin has officially launched its operations in the US in collaboration with its first partner bank.
MapleMark Bank became the first lender in the country to integrate Raisin’s term deposits technology on its digital platform.
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The move will enable MapleMark clients view ladder, liquidity and market-linked term deposit products. They can also explore available terms and yields as well as open an account online.
The partnership is expected to help the US lender reach a larger potential customer base. The software will also provide MapleMark Bank with greater control over liquidity flows and flexibility in managing balance sheets.
MapleMark CFO Willy Wolfe says: “We’re proud, through this partnership with Raisin, to bring long-needed innovation to the American savings market.
“With the Savings as a Service technology, we’re able to deliver the kind of individualised deposit products that meet people’s real savings goals, quickly and conveniently.”
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By GlobalDataRaisin US CEO Paul Knodel said: “An essential role of fintech today is bringing a wider range of choice to banking customers, reflecting the real variety of goals consumers have for their cash savings.
“Technology can deliver that choice meeting individual customer needs more transparently and simply than ever.”
Raisin first announced its plans to foray into the US in 2019. Early last year, the fintech acquired a Spanish-American deposits technology firm Choice Financial Solutions.
The acquired firm was later rebranded as Raisin Technology.
Since then, Raisin integrated its savings-as-a-service technology with US-based core banking solution provider Jack Henry. It has also acquired a second patent for the technology earlier this year.
In February, insurance giant Aviva partnered with Raisin to enter savings market.
