Raisin goes live in the U.S. with MapleMark Bank as its first partner bank

By Pavithra R

Raisin, a leading pan-European wealth management platform, has announced the launch of its patented term deposits technology on Dallas based MapleMark Bank’s digital platform.

By integrating the Raisin Savings-as-a-Service software, MapleMark Bank becomes the first Raisin U.S. partner bank to offer clients unique term deposits that can be personalized to individual client needs.

“Together with MapleMark Bank, Raisin U.S. is pursuing Raisin’s core mission of breaking down barriers to better savings and investments. The U.S. deposit market hasn’t seen an innovation in decades. As a pioneer in the deposits space across Europe, it made sense for us to enter the American market by modernizing one of the most important and popular U.S. deposit product categories. Through our technology we’re creating a win-win solution for banks and customers alike. As the first step in building out our U.S. platform, Raisin’s Savings as a Service technology is helping democratize savings for consumers, while delivering flexible liquidity to partner banks who integrate the software,” said Raisin CEO Dr. Tamaz Georgadze.

Raisin, as a leading fintech in the European savings and investments space, first announced its intention to cross the Atlantic in the summer of 2019, hiring U.S. CEO Paul Knodel from American fintech Wealthfront’s senior management team. The startup aimed to adapt its European mission to the specific conditions of the U.S. deposits market. The firm acquired a Spanish-American deposits technology firm in early 2020, rebranding it as Raisin Technology. Together, Raisin U.S. and Raisin Technology launched the innovative Savings-as-a-Service technology for American banks later that year, pre-integrated with a leading American core banking system (Jack Henry).

“An essential role of fintech today is bringing a wider range of choice to banking customers, reflecting the real variety of goals consumers have for their cash savings. Technology can deliver that choice meeting individual customer needs more transparently and simply than ever,” said Paul Knodel.

MapleMark Bank by embedding the new technology in its online platform, simplifies and accelerates the long, expensive process for bankers and customers alike. With Raisin’s software, clients can view ladder, liquidity, and market-linked term deposit products online, explore available terms and yields, and open their preferred account on their own. MapleMark Bank is deploying the partnership with Raisin to expand to a larger audience beyond its existing private banking base and position its digital banking platform as a trailblazer. The software also offers banks greater control over liquidity flows and flexibility in managing their balance sheets.

“We’re proud, through this partnership with Raisin, to bring long-needed innovation to the American savings market. With the Savings as a Service technology, we’re able to deliver the kind of individualized deposit products that meet people’s real savings goals, quickly and conveniently,” said  MapleMark CFO Willy Wolfe.