Raisin Bank launches BaaS offering on Mambu’s cloud banking platform
Frankfurt-based Raisin Bank has launched its Banking-as-a-Service (BaaS) offering on the Mambu cloud banking platform.
Mambu says all Raisin Bank customers are using accounts on its platform
Raisin Bank is the servicing bank of German fintech Raisin, which offers outsourced banking services to fintechs and start-ups.
Originally set up in 1973 as MHB Bank, it became a subsidiary of US investment company Lone Starin 2005, and was then acquired and renamed by fintech firm Raisin in 2019.
Raisin Bank offers BaaS products for platforms and ecosystems through its parent company, a feature it says means customers can profit from ongoing improvements.
It says all of its customers have migrated to the Mambu platform, and claims to be “one of the first” all-cloud German banks.
“Migrating all of our services to Mambu’s platform enables us to add real value to our many partners,” says Andreas Wolf, chief commercial officer.
“For our continued growth as a BaaS provider, we now have one of the most modern and agile IT platforms among European banks.”
Eelco-Jan Boonstra, managing director for EMEA at Mambu, says the future of modern servicing banking “lies entirely in the cloud”.
Raisin (the fintech) landed its first US partner earlier this year with Dallas-based MapleMark Bank.
It first announced its intention to move stateside in May 2020, spotting an opportunity in the low growth of commercial deposits.
The firm patented its Savings-as-a-Service product in the US at the start of 2021.
