Raisin has announced the launch of its deposits platform in Poland today.
The platform is designed to bridge the gap between Polish savers and a network of European banks, utilising Raisin's proprietary cross-border savings technology and online marketplace.
Raisin simplifies access to diverse deposit products across Europe, allowing customers to save money with safety, choice and convenience. The platform enables customers to deposit funds into listed products without the need to identify or access a separate platform for each bank again, streamlining the savings process.
Polish Deposit Market
By the end of the first quarter of 2023, the total value of household savings in Poland exceeded 2 trillion zloty* (equivalent to €456 billion) for the first time. Even though there has been an increase in accumulated savings and assets, the persistently high inflation over the past two years has impacted the actual value of investments.
"Raisin's platform in Poland aims to enhance the competition within the savings sector of the economy by broadening choice and eliminating barriers to access good deals from across the European Economic Area, all in one place. We aim to make deposits more accessible to regular people, leveraging the full value of the European deposit market and ultimately increasing their savings. We are excited to offer Polish consumers the opportunity to earn higher interest on their savings.", comments Dr Tamaz Georgadze, CEO and co-founder of Raisin.
The launch of this new savings platform is part of an ongoing partnership between Raisin Bank of Frankfurt and the pan-European fintech Raisin.
Andreas Wolf, Member of the Board of Raisin Bank, explains: "Raisin Bank continues to invest in building scalable solutions for fintech and digital banking partners. By building the Polish platform integration, Raisin Bank AG created a blueprint for future non-EUR expansion in Europe by adding critical FX payment capabilities. As a result, we are excited to lead the launch of the new platform in such an important market. Through the Polish marketplace, Raisin Bank enables even more customers to use the advantages of a pan-European banking market."
Available at launch and the first bank to join the Polish platform, HoistSpar offers secure deposit accounts in Sweden, Germany, Poland and the UK. HoistSpar is part of Hoist Finance AB (publ), a regulated credit market company headquartered in Stockholm, Sweden. New customers joining the platform can order and fund fixed-term deposits ranging from one, three and six months up to 5.80% and a one-year fixed-term deposit at 5.50%.
In September, Raisin announced that it had reached €50 billion in assets under administration. In addition to Germany, all major markets, including the UK, the Netherlands, and the USA, have witnessed significant growth. Raisin has significantly accelerated its growth this year in the US, resulting in over €1bn net inflows each quarter in 2023.