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Giga High Rates Propel Savings Accounts, Raisin Reports “Record Growth”

German fintech company Raisin has reported “record growth” during a period of high interest rates, as central banks globally battle inflation. Raisin operates a marketplace for savings vehicles, allowing users to find the best available rates. In the EU alone, term deposits have increased by 38% in the past year, amounting to €400bn ($456bn) more. Raisin itself has seen a 66% increase in the past nine months and now has €50bn in assets under administration. The firm also provides services in the US and has reported over $1bn in net inflows each quarter this year. Raisin currently has more than 1.3 million customers, who can earn more interest than they would by leaving their funds in a bank account. The company has also attracted 62 banks to expand their funding mix by working with Raisin. In addition, the former president of the Bundesbank, Axel Weber, has joined its board of directors. Raisin’s CEO, Dr Tamaz Georgadze, said topping €50bn in assets under administration shows the benefits of their model for banks and consumers. However, as interest rates are predicted to eventually fall, Raisin’s investment marketplace, which includes ETFs, retirement products, private equity and crypto, could encourage customers to stay with the firm and invest in those asset classes.

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