UK-based digital bank Monese has partnered with cross-border deposits marketplace Raisin to offer its customers access to preferred deposit services.
The pan-European partnership will provide Monese personal account customers with access to the Raisin platform through the Monese Hub. It will enable them to select from Raisin’s more than 500 transnational savings products from more than 80 partner banks.
Initially, the service will be available for customers in the UK, Germany, Austria, France, the Netherlands and Spain.
Eventually, the collaboration will enable seamless savings account access and its management through a new service called Monese Savings within the Monese Hub.
Monese Savings will facilitate automated recurring payments to the Raisin account to increase convenience in saving money.
The new savings service will sit alongside Monese Pots, its non-interest bearing savings accounts introduced in May. Both these products are designed for internationally mobile customers, who use Monese as a primary bank account.
Monese CEO and founder Norris Koppel said: “We are delighted to be launching this partnership with Raisin, as we further develop our savings products and features.
“We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement.
“The majority of these customers use Monese as a primary account and we know they want their money and their savings to work harder, so they can thrive anywhere.
“Through this partnership with Raisin customers will have fantastic access to competitive savings rates.”
Monese is said to have more than 1.4 million sign-ups with around 100,000 people joining the digital bank every month.
In July this year, Monese partnered with PayPal to enable customers use to their Monese and PayPal accounts together.