Cross-border savings and investments marketplace Raisin has launched in Ireland and promises to triple interest for savers.
This comes after Raisin deposit platforms recently surpassed €16bn ($17bn) in total brokered volume since its launch in 2013. It has also delivered more than €115m ($125m) in interest to over 200,000 savers across Europe.
Dr. Frank Freund, co-founder of Raisin, said: “Raisin Bank is enlarging its focus on fintech and digital banking. These are areas driving the customer-centric direction of retail banking today. We were thus eager to take this opportunity to lead on the launch of a Raisin platform in such an important market.
“With the Raisin.ie marketplace, Raisin Bank is enabling Irish customers to significantly increase their profits on deposits by connecting them in a simple, transparent way to competitive offers on the continent.”
The new platform is the first launched as a collaboration between Raisin Bank of Frankfurt and European fintech Raisin.
Alejandro McCormack, Buisness Development Manager for the Irish market at Raisin, said: “By removing the barriers to access and collecting good deals from across the European Economic Area all in one place, Raisin Bank’s Irish platform aims to bring dynamism back into a huge sector of the economy: savings.
“We put more money into regular people’s pockets when we democratise deposits. So we’re thrilled to be able to offer Irish consumers the ability to earn real interest on their savings.”
Lowest retail interest rates
In Ireland, 42% of households have €100,000 ($109,000) in savings, in contrast to Germany which is 34%. As well as this, Irish savers have faced the lowest retail interest rates in Europe. As a result, blocking them from earning more than an average of 0.03 on their savings.
The Raisin.ie marketplace will offer up to 1.2% on term deposits. Therefore, allowing Irish savers to earn up to three times more on their savings.
In addition, Irish banks aim to provide their own customers with a range of deposit products through intergrating Raisin’s offers.