Fintech Raisin has signed on to support the new PEAC Bank in its entry into the deposit business.
The Hamburg-based PEAC (Pan-European Asset Company) Finance Group was granted a banking license by the German Federal Financial Supervisory Authority in December of 2020. The company now offers deposits for private customers under the PEAC Bank brand, marketing its savings products exclusively via Raisin’s German deposits marketplace WeltSparen. Customers can open the interest-bearing accounts, with terms from three months to five years, through an entirely digital process on the WeltSparen platform.
Raisin 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."
Dr. Tamaz Georgadze. Photo (c) Lukas Schramm
Specializing in investment and sales financing for a range of financial products and industries, PEAC Finance supports medium-sized companies in seven countries where the company has established offices with localized capabilities.
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.”