Raisin, a pan-European deposit marketplace, has purchased British fintech firm PBF Solutions for an undisclosed sum.
PBF powers own-label financial product comparison and distribution platforms for partners. The firm has raised several billion pounds in retail deposits since its inception in 2013.
The takeover is a first for Raisin, which currently has investments worth €4.3bn from 90,000 customers.
“Despite current market volatility and Brexit discussions, Raisin remains committed to the UK and to building up a local presence with a dedicated and experienced team,” Raisin said in a statement.
PBF will now be rebranded as Raisin UK and expand its offering over the coming months, especially the size of its UK business. The UK expansion of Raisin will be led by PBF CEO Kevin Mountford.
Raisin CEO and founder Tamaz Georgadze said: “The acquisition of PBF gives us the opportunity to significantly broaden our offer to UK savers and deposit takers. Furthermore, we are looking forward to taking advantage of the in-depth market knowledge and technological know-how of PBF’s experienced team. We are truly excited to be working together.”