Raisin, the German-based savings platform, has launched in Ireland. The online-only service works with partner banks to provide savers with a marketplace to search for the best deposit rates.

According to the business, the raisin.ie marketplace offers more than 25 savings products with rates up to 1.2% on term deposits. It will accept lump sums from €2,000 up to a maximum of €100,000 depending on the partner bank being used.

Raisin works with more than 80 partner banks and recently surpassed €16bn in total brokered volume since launching in 2013.

The fintech venture was founded in 2012 in Berlin by Tamaz Georgadze (CEO), Frank Freund (pictured) and Michael Stephan.

Raisin’s platforms, which operate under the WeltSparen brand in German-speaking markets, offers access at no charge to more than 500 guaranteed deposit products around Europe, as well as globally diversified, ETF portfolios and pension products (now available in Germany).

In Association with

Raisin’s backers include Goldman Sachs and PayPal ventures. Earlier this year, Raisin acquired MHB Bank of Frankfurt, its long-time service bank, which it renamed as Raisin Bank.

ECB data shows that Irish savers get the lowest retail interest rates in Europe, earning an average of 0.03% on their savings. However, deposits have grown for the last 18 consecutive quarters, with Irish household savings increasing by €1.8bn (or 1.8%) in the first quarter of 2019.

“With the Raisin.ie marketplace, Raisin Bank is enabling Irish customers to significantly increase their profits on deposits by connecting them in a simple, transparent way to competitive offers on the continent,” said Frank Freund.