Raisin to support PEAC Bank’s entry into the deposit business

By Megha Bhattacharya

German FinTech Raisin has teamed up with newly founded PEAC Bank for supporting its entry into the deposit business. The collaboration will enable it to offer fixed-term products via the FinTech’s German platform. The Hamburg-based PEAC (Pan-European Asset Company) Finance Group achieved a banking license in December 2020. It currently offers deposits for private customers under the PEAC Bank brand, marketing its savings products exclusively via Raisin’s German deposits marketplace WeltSparen.

Raisin’s CEO and co-founder Dr. Tamaz Georgadze explained, “We’ve built Raisin to be the first port of call, as a pan-European platform, for financial institutions like PEAC Finance. In near-record time we were able to implement a fully digital deposit offering with multiple maturities for PEAC Bank. This launch demonstrates that we can provide financial institutions with access to new, stable, and very flexible funding sources within a matter of days or weeks, with minimal effort — thus enabling another bank to enter the deposit market quickly. We have successfully implemented Savings-as-a-Service with a “plug-and-play” approach for financial institutions in a variety of European markets as well.”

PEAC Finance specialises in investment and sales financing for a range of financial products and industries. Recently, Penta announced a partnership with 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.

PEAC Finance CEO Dr. Thomas Söhlke added, “With Raisin, we found the right partner to launch our deposit business and drive it forward in the most expedited manner. Through the cooperation we tap into a flexible refinancing platform and can thus effectively support our business with medium-sized corporate customers. Cooperation with fintech companies is additionally part of our digitalization agenda for the further expansion of our modern financing solutions.”