Digital wealth manager Scalable Capital has partnered with European savings deposit marketplace Raisin to expand fixed-term deposit services.

The collaboration will enable Scalable Capital to offer fixed-term deposits from select banks across Europe.

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All Scalable Capital-customers with a portfolio account at Baader Bank can avail the service through Scalable Capital’s website and apps.

Scalable Capital co-founder and co-CEO Florian Prucker said: “We are complementing our product range with products that offer an attractive return without capital market risks.

“In addition to our automatically managed ETF portfolios for long-term wealth accumulation, our clients can now easily deposit their funds in European fixed-term accounts.”

Customers can open the fixed-term deposit accounts using existing Scalable Capital login. The service requires a minimum deposit amount of €500 or more for some banks. Interest on these deposits will be directly credited to the account.

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On the other hand, the collaboration expands Raisin’s B2B business with corporate partners.

Raisin CEO and co-founder Dr Tamaz Georgadze said: “We stand for saving and investing without barriers and want to make the best offers available to consumers, particularly in the current low interest rate environment.

“This is why we are pursuing integration partnerships, enabling our partners to expand the range of products they offer.

“Especially considering better risk diversification and flexibility, fixed-term deposits offer Scalable Capital’s customers a high added value – convenient and easy to access, with a smooth, comfortable user experience.”

Recently, UK-based digital bank Monese teamed up with Raisin to offer its customers access to preferred deposit services.