Berlin-based fintech Raisin has announced that MapleMark Bank has become the first US bank to offer customised certificate of deposit (CD) products built by Raisin US’s patented deposits technology.
Through the partnership, the US bank has launched three CD product categories, available via its digital banking platform, with minimum investments from $25,000 and offering interest rates between 1.10% and 2% APY.
Raisin said that its software means the bank’s clients do not have to visit a branch to apply for the products, as they can create ladder, market-linked and liquidity CDs online, for no additional cost.
Customers of MapleMark Bank can view the suite of products being initially offered via the bank’s digital platform and open their preferred account either on their own or with support from customer service by phone.
“In partnering with Raisin to launch the first customisable CDs in the US, we’re setting a new benchmark for banking customers, combining a unique level of convenience with the cost-efficiency and yield that only cutting edge technology can deliver,” said MapleMark Bank chief deposit officer Greg Lewis.
Raisin was founded in 2012 and Raisin US launched in 2020.
Paul Knodel, CEO of Raisin US, said: “Depositors are looking for opportunities to tap strong expected market growth from the security of a certificate of deposit, making the market-linked product particularly attractive right now.
“Liquidity and ladder CDs have more timeless appeal for customers with predictable outflow needs, like parents with tuition payments or retirees on fixed income.”
According to Raisin CEO Dr. Tamaz Georgadze, the US deposit market has not seen innovation “in decades”.
He added: “As a pioneer in the deposits space across Europe, it made sense for us to enter the American market by modernising one of the most important and popular US deposit product categories. Through our technology we’re creating a win-win solution for banks and customers alike.
“As the first step in building out our US platform, Raisin’s savings-as-a-service technology is helping democratise savings for consumers, while delivering flexible liquidity to partner banks who integrate the software.”