Raisin teams up with Spanish financial resource platform Finect

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Spanish financial resource platform Finect has launched a partnership with deposits marketplace Raisin in a bid to enable the former’s customers to access around 60 deposit products from across Europe. The partnership will allow Finect’s users to invest in Raisin’s European partner bank deposits from its platform. Customers will gain access to interest rates outside of Spain, from France, Belgium and Italy, to Norway, Estonia and other EU markets. Raisin stated that the clients would be able to select both for rate and geographical location and earn as much as 1.41% p.a.

“Spanish families have accumulated a record figure of almost 900,000 million EUR in bank deposits, but not always with a meaningful return. In fact, in many cases, they don’t even earn interest. Thanks to the agreement with Raisin, Finect will give users access to the best conservative deposit products for the segment of their savings that they prefer not to risk in the markets,” said Antonio Botas, CEO of Finect. “This is a new and important step in our broader objective: to bring the best products and services to Spanish savers, following the launch of our fund platform in July.”

Raisin stated that all of the banking products on its marketplace are secured by the deposit guarantee laws in each partner bank country of origin, in line with EU guidelines, covering up to 100,000 EUR per person, per bank.

Recently, new research conducted by Raisin Spain has shown that affluent Spanish users have a high level of awareness of the economy and are open to new banking models. The study covered over 6000 Spanish customers, with a net monthly income of above €2000, and aimed to understand the savings pattern and preference of the respondents.

Miguel Freire, Country Manager of Raisin Spain, added, “With the increase in savings volume since the start of the Covid-19 pandemic, creating access to better savings options with higher yields is more important than ever. Finect and Raisin share a mission to use digital technology to provide people in Spain with not only more information but also more competitive options. Our new partnership thus solves a key challenge faced by Spanish consumers during a period of market volatility, where mitigating risk is as essential as earning a more profitable return. With Raisin’s marketplace, Finect users will be able to beat the all-time low-interest rates across Spain while enjoying the security of term deposits.”