Savings fintech Raisin has made its first move into the United Kingdom savings market, acquiring customer acquisition and onboarding company PBF Solutions.
The move is aimed at providing the Berlin-based Raisin a firm way forward into the United Kingdom, a market that will soon be independent from the European Union, where Raisin already operates.
The company offers retail banking customers an online “marketplace” of different savings products — essentially, allowing users to invest in separate savings accounts across Europe — maintained by about 40 different banks.
To date (the company was founded in 2013), approximately 90,000 users across Europe have invested in Raisin savings products, depositing more than €4.3 billion euro into the marketplace, according to the company.
PBF Solutions offers onboarding and marketing solutions to financial service institutions entering the U.K. market, which is one of the largest savings markets in Europe, according to Raisin.
PBF’s current CEO, Kevin Mountford, will head the U.K. office and expansion.
Read more at BankingTech and Finextra.