Raisin UK, the leading online savings marketplace, is celebrating its final and most successful quarter-to-date by revealing its £1bn 2020 targets.
Launched last year in the UK, the German-founded disruptor, has it sight firmly set on the UK savings market, with the Manchester-based arm of the business welcoming five new banks to the platform in the shape of OakNorth, Wyelands, Aldermore and Cardiff based, Hodge Bank.
Launching notice accounts earlier this year, the online marketplace now offers different savings accounts from over 13 banks, with many more due to join the platform in early 2020.
Discussing the business’ 2020 targets, Raisin UK CEO, Kevin Mountford.
“This year has been significant for us laying down a strong foundation to achieve our £1 billion targets next year. From tech partnerships with leading money management apps Yolt and Monese, we’ve also developed strong distribution partnerships with UK market leaders Legal & General and ClearScore.
“Since our launch, we’ve seen changes in the market that are driving a savings-savvy consumer that is driving a highly competitive market. Consumers are now actively seeking out better rates and locking their money away for longer periods than ever before. Over the last six months, we have seen a 6% uplift in customers choosing fixed-term savings accounts over 12 months, which has been increasing MoM which we predict will continue to grow well into 2020.
“Our own focus, for next year, is to scale the business with the launch of new products, such as Easy Access savings accounts, to widen the platforms appeal to a broader consumer. We also have a healthy stream of banks that we are onboarding onto the platform and some really exciting distribution partners that we should be launching in Q1”.
Convenience is also proving to be a big attraction to UK savers, which is why Raisin UK customers only ever fill out one online application form, after which they can open and manage multiple savings products across a range of banks with their single secure login. All customer deposits are protected by the FSCS or their European country equivalents.
Kevin Mountford continues: “The Raisin UK marketplace has really struck a chord with consumers – a tech solution that simplifies the account opening process and in turn saves them time and money, which has seen the platform go from strength to strength.
To date, across Europe Raisin has brokered 18 billion Euros, and has 225,000 customers across 31 European countries on Raisin’s seven platforms. With 87 partner banks, Raisin offers by far the largest variety of products and partner banks of all savings platforms and allows customers a wider choice and freedom of choice.
Consumers can apply for Raisin UK products at https://www.raisin.co.uk/.