Italian banking start-up illimity has partnered with German savings deposit marketplace Raisin.
Following the partnership, illimity’s deposit accounts are now available on Raisin’s open banking platform. The Italian fintech will offer term deposit accounts through Raisin’s deposit portal WeltSparen.
A pan-European marketplace, the Raisin platform allows customers from 31 countries to access cross-border deposit products.
The move enables illimity to expand the reach of its offerings without setting-up own retail infrastructure.
Currently, illimity’s cross-border deposit account is open for German savers. The services will be expanded gradually to other countries following approval from the respective authorities.
Illimity chief financial officer and head of Central Functions Francesco Mele said: “Entering a strategic partnership on the deposit front with a top-rate fintech such as Raisin, just a few months after the business combination, is a source of considerable pride for us.
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By GlobalData“And it also testifies to the high level of confidence placed in our banking start-up by a company which, like us, is deeply committed to innovation, efficiency and transparency
“The partnership with Raisin enables illimity to diversify its funding sources by means of a flexible and efficient tool, consistent with its business plan.”
Illimity’s domestic deposit account offer is expected to be introduced soon. It will also launch digital direct bank concurrently.
Italian banking start-up illimity was formed this year following a merger between Banca Interprovinciale and SPAXS.
Last month, Greek digital lender Praxia Bank partnered with Raisin to offer deposit products in Germany.
