Italian lender Banca Ifis has forayed into the German savings market by forging a partnership with local fintech venture Raisin.
Banca Ifis will offer deposit products to Raisin customers on the latter’s savings platform, called WeltSparen.
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Raisin will leverage its open banking infrastructure and customer service to support the deposit service, such that, it will be exclusively available for German savers.
Raisin, with this partnership, now has 94 bank partners on its pan-European marketplace serving nearly 270,000 customers.
Raisin senior associate for bank partnerships Massimo Compagnoni said: “Raisin has created a ‘Schengen experience’ for finance, enabling both banks to diversify their funding in other European nations and savers to look beyond their own borders for choosing deposits.
“In embracing the advantages of open banking technology and welcoming Banca Ifis to the Raisin marketplace in Germany, we’re able together to extend the benefits of cross-border finance.”
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By GlobalDataFounded in 1983, Banca Ifis offers specialty financing to over 130,000 retail clients in Italy and has so far managed over €4bn ($4.55bn) in online funding and deposits.
Banca Ifis CEO Luciano Colombini said: “As a result of this agreement, we will expand our customer base of savers, further strengthening our liquidity ratios using leading infrastructure in European banking, as well as expanding our funding to include foreign markets with the new channels created by Raisin.”
