in deposits for more than 255,000 customers at 91 partner banks since launching in 2013.
As customers look for the best place to protect and grow their savings, retail banks need to attract them with favorable terms, such as competitive interest rates. Yet such terms may be unsustainable, especially for smaller banks and credit unions. Raisin's software makes it easier for these firms to offer attractive deposit products while controlling costs.
The fintech's Savings-as-a-Service software product is more scalable than building a marketplace platform. Raisin's product can be integrated with each bank's digital system. By contrast, if it had tried to replicate its European marketplace platform, the fintech would have faced significant barriers to entry, such as local licensing permits and lack of brand awareness among US banks.