Germany-based Raisin has acquired UK-based financial technology specialist PBF Solutions, in a bid to provide end-to-end deposit raising solutions for banks and other providers in the country.
Established in 2013, PBF Solutions supports financial services product providers to acquire and on-board new customers and raise savings and investment deposits.
The company’s clients comprised of new entrant challenger banks and overseas banks either entering the UK retail banking market or diversifying distribution, as well as leading peer to peer loan platforms.
PBF’s DepositSmart customer acquisition platform will manage the entire onboarding process from product landing page through to passing cleared deposit funds to institutions.
Its other services include campaign tracking and optimization, product marketing and distribution, as well as white label technology services.
Raisin CEO and founder Tamaz Georgadze said: “Raisin has created the first and by far the leading marketplace for savings products in Europe.
“Together with PBF we are bringing our solution to the UK savings market, with a single digital solution for banks and an integrated proposition for savers.”
PBF CEO Kevin Mountford will take the responsibility to expand operations of Raisin in the UK.
Mountford said: “We are delighted to be joining the Raisin family, which will provide us with the scale and resources to better serve UK savers and our partner banks.”
Based in Berlin, Raisin is a fintech firm that serves as a marketplace for investments across Europe.
The firm, which partnered with around 40 banks and financial institutions, has more than 90,000 European customers with around €4.3bn deposits.
It operates country-dedicated platforms in Germany, France, Spain, and Austria, in addition to the European platform.
Image: Raisin has acquired financial technology specialist PBF Solutions. Photo: courtesy of adamr / FreeDigitalPhotos.net.