German fintech and savings marketplace Raisin said its WeltSparen savings platform is partnering with Commerzbank to offer the bank’s corporate clients in Germany attractive savings rates.
The partnership with Berlin-based Raisin is expected to enable Commerzbank to offer corporate clients along both its own products and also three-month to four-year deposit offers from other selected German banks.
“Just as interest rates have fallen for retail savings products, rates on corporate deposits have also decreased and in some cases are yielding negative returns,” said Dr. Daniel Berndt, Raisin’s chief client officer.
“With this collaboration Commerzbank’s corporate clients will be able to invest beyond the bank, securing rates well above the current market level in Germany.”
The partnership is expected to feature fixed-term deposits from German credit institutions such as Grenke Bank, NIBC Bank and GEFA Bank, which will be managed centrally via WeltSparen by the respective banks.
Raisin’s partnership with Commerzbank follows the fintech’s purchase last month of Frankfurt-based MHB Bank, its long-time service bank.
Raisin has also been active in the UK, where it recently announced a partnership with credit checking service ClearScore, whose customers will now have access to the Raisin UK marketplace
Established in 2012, Raisin has developed into an open banking platform that has forged partnerships with more than 70 banks. Raisin’s customers can choose savings and investment products from banks across Europe, while banks can attract deposits from customers abroad.
In February, Raisin announced that it had closed a Series D funding round of $114 million to expand its offering across Europe. This brought the total amount raised by the company to $200 million.
Commerzbank, which has been in lengthy discussions with rival Deutsche Bank on a possible merger between the two, has now received an alternative approach from Dutch multinational ING Groep according to reports.
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