Deposit marketplace for SMEs — access to savings products across Europe

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Lisa Schmid
Lisa Schmid (Raisin) during her presentation at the CEE SME Banking Club Conference 2018 in Warsaw (October 29-30)

Raisin is a leading fintech company in Europe, established 5 years ago, based in Berlin.

During the CEE SME Banking Club Conference 2018 in Warsaw (October 29-30), Lisa Schmid (Head of Business Clients at Raisin) presented the Raisin platform and how banks can digitalize the customer experience when placing a deposit.

Here we publish key messages of Lisa’s presentation.

Through Raisin, more than 60 banks across Europe access funding in a diversified and cost-efficient manner. The business concept is to connect private customers and SMEs with partner banks for term and overnight deposits.

Business model “We have a Partner bank and it has only one interface, which is Raisin. They decide where they want to place their deposit offers: country platforms and pan European platform (Raisin.com). The partner bank can also place its offer with distribution partners (so that their term deposit offer is available for, e.g. BBVA clients or N26 clients, etc.)” Lisa said.

Raisin products

  • Partner banks can decide whether they want to offer their products to retail customers or SMEs, or both;
  • The main products are term deposits, notice accounts and overnight deposits;
  • Available currencies: EUR, GBP, USD. Some local currencies are also available: NOK, CHF, BGN.

Steps to open a deposit for an SME customer via Raisin:

  1. Registration on the Raisin platform. The customer should sign up using data of the company, managing director and main beneficial owners.
  2. Deposit selection. The customer has access to all partner bank term deposits and chooses the banks, term, interest rate and the amount they want to deposit. It’s only takes a few clicks.
  3. Identification. Servicing bank performs the identification of the director, company and main beneficial owners.
  4. Transfer of funds to the Raisin account, which is opened for free.
  5. Deposit opening at Partner bank. During this last step, Raisin forwards the account opening documents and funds to the partner banks. After maturity, the partner bank pays the deposit back. Then the customer can access the funds, including earned interest on the Raisin platform, and invest it somewhere else or withdraw it to the personal account.

RaisinHow Raisin supports banks:

  • Acquiring the needed stable funding. This is a typical product partnership when a bank wants to place a certain number of products on the platform. Raisin handles customer acquisition, customer onboarding, KYC processes and customer service for the bank.
  • Managing banks’ excess liquidity. If banks want to get rid of their liquidity, they can integrate Raisin partners’ term deposit off er in to their online banking, making it possible for clients to deposit their funds with Raisin partner banks Among others, N26 and BBVA have become distributor partners.
  • Optimizing costs, regulatory compliance and diversifi cation.

Notes made by Olena Gryniuk