Like Revolut, the German fintech Raisin, which specializes in savings products, plans to set up in the United States in 2020. Tamaz Georgadze, managing Director of Raisin said that the company is in discussions with five American banks that wish to join the platform. The startup hopes to have ten partner banks by 2020.
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Adaptation to the American market is a must
Being a partner of 90 European banks, Raisin admits that it will have to adapt its offers for the American market, without giving details of their content. Tamaz Georgadze calmly approaches his arrival in the United States, where 6,000 banks are competing “via the digital channel”. According to him, “the big banks do not offer attractive rates on savings products. Our advantage is that we focus on deposits.”
Raisin’s preparations for USA
Founded in 2013, fintech is claiming 215,000 customers for a total of $19 billion (17.5 billion euros) in deposits. The company did not give details about the number of targeted customers in the United States, but is actively preparing for an entry on the American market.
Located on the East Coast, Raisin’s office will be staffed by ten people at its launch, including Marcel Bock, a former McKinskey employee, who has just been appointed head of project management officer (PMO) for the development of its American activities, and Paul Knodel, a former Citigroup employee, and Merrill Lynch, head of the office.
New opportunities with Europe
At the Fintech Inn, which brings together more than 3,000 participants, Tamaz Georgadze, did not forget to cultivate its European network. The head of the fintech company has met with some representatives of Lithuanian partner banks and is hoping to create new opportunities.
At the beginning of 2020, Raisin will enter into a partnership “with a major Italian bank,” said Georgadze. The German fintech company, which acquired the MHB bank last March, is also considering further acquisitions. “We naturally pay particular attention to potential acquisitions that will enable us to achieve our strategic objectives more quickly,” concluded Tamaz Georgadze.
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First published in L’AGEFI, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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