Raisin and Deposit Solutions merge to form Raisin DS
By Megha Bhattacharya
FinTech companies Deposit Solutions and Raisin have announced the completion of their merger. The two companies are forming Raisin DS, a provider of savings and investment solutions, servicing banks and consumers on both sides of the Atlantic. Both companies’ current management will take over leadership roles at Raisin DS. Thus, both CEOs – Dr. Tamaz Georgadze and Dr. Tim Sievers – will initially lead the new company as co-CEOs. Dr. Tim Sievers will then move to the company’s Advisory Board at the end of the year.
“Deposit Solutions and Raisin have brought important innovations to a market that has been underserved for decades. Together we can achieve even more,” said Dr. Tim Sievers, CEO and founder of Deposit Solutions. “By uniting Deposit Solutions and Raisin, we’re transforming two German innovation leaders into the European champion with global ambitions.”
“Raisin DS is breaking down barriers and reinforcing our long-time vision for a single transparent market for savings and investment products. We want to contribute to a financial system that better serves day-to-day financial needs of people and enables banks to provide a stronger backbone to the real economy,” added Dr. Tamaz Georgadze, CEO and co-founder of Raisin. “We will continue to strive to make a positive contribution to the financial system.”
Deposit Solutions is a B2B Open Banking platform in the savings deposit space. The company operates deposit marketplaces for over 150 partners, including large institutions such as Deutsche Bank, and connects them with deposit-taking banks from all across Europe.
Raisin is a pan-European B2C platform for savings and investments. Raisin’s marketplaces offer consumers access to competitive deposit products from all across Europe. In Germany, the FinTech company also offers globally diversified, cost-effective ETF portfolios and ETF-based pension products.
According to the companies, the merger will allow for more product choice and decision power. Incumbent banks will benefit from more implementation options and product access for their own marketplaces, and deposit-taking banks will receive better access to deposit funding.
“Both companies unite the best talent in the market. From now on, we will pool our skills and look forward to benefiting from each other’s experience and strengths,” said Dr. Tamaz Georgadze. “We have the unique opportunity to achieve something that neither of us would be able to accomplish alone: Raisin DS will truly shape the future of the savings and investments space.“
“We have been working on this merger for a long time and I am happy and proud that we were able to turn competitors into allies,” said Dr. Tim Sievers. “With joint forces, we are going to increase our market coverage in Europe, build a significant presence in the U.S., and pursue our mission to establish Open Banking as the industry standard in the global deposits business.”
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