PEAC Finance, a new bank, has partnered with Raisin’s German deposits platform WeltSparen to offer a savings marketplace.
The Hamburg, Germany-based PEAC (or Pan-European Asset Company) Finance Group was granted a banking license by the German Federal Financial Supervisory Authority in December of 2020. The company now offers deposits for private customers under the PEAC Bank brand, marketing its savings products exclusively via Raisin’s German deposits marketplace.
PEAC Finance targets medium-sized companies in seven countries where the company has established offices.
Raisin CEO and co-founder Dr. Tamaz Georgadze commented on the announcing saying they built Raisin to be the first port of call, as a pan-European platform, for financial institutions like PEAC Finance.
“In near record time, we were able to implement a fully digital deposit offering with multiple maturities for PEAC Bank. This launch demonstrates that we can provide financial institutions with access to new, stable, and very flexible funding sources within a matter of days or weeks, with minimal effort — thus enabling another bank to enter the deposit market quickly. We have successfully implemented Savings-as-a-Service with a “plug-and-play” approach for financial institutions in a variety of European markets as well.”
PEAC Finance CEO Dr. Thomas Söhlke called Raisin the right partner to launch their deposit business:
“Through the cooperation [with Raisin], we tap into a flexible refinancing platform and can thus effectively support our business with medium-sized corporate customers. Cooperation with fintech companies is additionally part of our digitalization agenda for the further expansion of our modern financing solutions.”
Founded in 2012, Raisin has placed €29 billion for more than 310,000 customers in 28+ European countries and 103 partner banks.
PEAC Finance has been a partner to medium-sized companies for around 50 years, serving 60,000 customers from the SME sector, with total assets as of 2019 of around € 1.8 billion. The total portfolio under management, including IT and business servicing, is around € 5 billion.
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