Penta teams up with Raisin to launch new term and overnight deposits

By Megha Bhattacharya

Germany-based digital platform for business banking, Penta has announced a partnership with savings marketplace Raisin along with the release of a new range of corporate term and overnight deposits. The partnership is expected to allow Penta’s business customers to access higher interest rates by investing in Raisin deposit products through their accounts.

Jessica Holzbach, co-founder and Chief Customer Officer of Penta explained, “Through the cooperation with Raisin, we are one of the few digital financial service providers for business that can offer its customers a very good alternative to high costs caused by negative interest rates, such as those that arise after financing rounds of young companies. This option, which has long been available to private customers, is now also accessible to business customers at Penta. It’s quick, easy and digital – just as they are used to from Penta.”

Penta’s integration of Raisin will enable clients to open and centrally manage any number of deposits with just one login. The terms of the new products range from daily availability to an investment horizon up to six years, with interest rates of up to 2.5% p.a. The minimum deposit amount is € 5,000, with the deposits protected up to at least €100,000 per depositor and bank by European legal deposit insurance.

“Sophisticated liquidity management is more important than ever for companies to generate interest income. Through our cooperation, Penta creates solutions for more efficient liquidity management with very flexible options,” added Lisa Schmid, Head of Business Clients at Raisin.

Recently, Raisin announced a new partnership with German B2B financial product broker PROCHECK24 in a bid to develop a hybrid approach to embedded finance. Deposit products from Raisin’s European partner banks are integrated into its German savings marketplace WeltSparen, then via PROCHECK24 into the broker’s bank partners, where they become available to those banks’ retail customers.