European savings marketplace swoops for Manchester fintech firm PBF Solutions

Manchester-based financial technology specialist PBF Solutions has been snapped up by European deposit marketplace Raisin GmbH.

The acquisition, which marks Raisin’s first since it was founded in 2013, will see PBF rebrand to become Raisin UK.

The business now plans to grow its services under the new moniker, increasing the size of its operation and creating jobs in Greater Manchester.

Kevin Mountford, the chief executive of PBF, will lead Raisin’s UK expansion.

PBF Solutions, also founded in 2013, has to date helped almost 20 new deposit takers enter the UK market and raised close to £3.5bn in savings deposits for challenger banks.

Kevin said: “We are delighted to be joining the Raisin family, which will provide us with the scale and resources to better serve UK savers and our partner banks.”

Raisin’s CEO and founder, Tamaz Georgadze, commented: “Together with PBF we are bringing our solution to the UK savings market, with a single digital solution for banks and an integrated proposition for savers.

“Despite current market volatility and Brexit discussions, Raisin is committed to the UK and to building up a local presence with a dedicated and experienced team.”

Tamaz added: “The acquisition of PBF gives us the opportunity to significantly broaden our offer to UK savers and deposit takers.”

Raisin is today one of the biggest fintech companies in Europe, boasting partnerships with dozens of banks and financial institutions. Since it was founded, over 90k customers on the Continent have invested more than €4.3bn in Raisin marketplace deposits.

Commenting on the deal Rod Hyde, ex-chair of PBF, said: “When I joined the company last year, we looked for the right partner to take advantage of the foundations that had been established and substantially grow our offering and business.

“I am delighted that PBF has joined Raisin.”