A week after Raisin acquired Fairr, the company has announced a new partnership with Monese.
On Tuesday (3 September), fintech company Raisin announced plans to partner with Monese to launch a new service called Monese Savings.
Monese, which was founded in 2013 by Norris Koppel, is a mobile-only multi-currency banking platform with more than 300 employees in London, Tallinn, Lisbon and Berlin. Koppel launched the service after he realised how difficult it can be to set up a bank account in a new country.
Raisin, which recently announced plans to acquire Fairr to bolster its pension offerings, has partnered with Monese to create more savings options for Monese customers.
In a press release, Raisin said: “Starting today, Monese personal account customers in the UK, Germany, Austria, France, the Netherlands and Spain will gain access to the Raisin platform, directly through the Monese Hub.
“With a broad choice of Raisin’s more than 500 competitive, transnational savings products, available from over 80 partner banks located across the entire European Economic Area, Monese users will be able to select their preferred deposit in a new streamlined process.”
The new Monese Savings feature will facilitate automated, recurring payments to the customer’s Raisin savings account. Raisin says this will “create greater transparency and profitability on savings, and thus place customers’ goals within their own reach”.
The feature joins Monese Pots, which was launched in May 2019 and provides non-interest bearing saving accounts.
According to Monese: “Savings and Pots are designed around the lives of the internationally mobile Monese customer and those who use Monese as a primary bank account.”
The company said that 70pc of its incoming funds are from salary payments, which means that Monese is the primary account for the majority its customers. The platform has 1.4m users after customer growth tripled in 2018, with more than 100,000 people now signing up to Monese each month.
Koppel said: “We are delighted to be launching this partnership with Raisin as we further develop our savings products and features. We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement.
“The majority of these customers use Monese as a primary account and we know they want their money and their savings to work harder.”
Raisin CEO and co-founder Tamaz Georgadze added: “Monese customers appreciate banking across borders.
“To provide users of Monese banking services an opportunity to earn more on their savings, we’re launching better saving options from all over Europe on a pan-European scale, in six markets simultaneously. With our collaboration we’re setting a new standard in finance, addressing what consumers actually need in a changing world.”