Two major German fintech companies and rivals - Raisin and Deposit Solutions – are merging to create a pan-European group that will offer advanced, API technology-based B2B and B2C products in the savings and portfolio management segments.

Bloomchain.ru reports that the Berlin-based merged company will be called Raisin DS and will employ over 500 people. It will maintain existing offices in New York, London, Manchester, and Madrid. The companies have declined to disclose the valuation of the combined group or the relative stakes of Raisin and Deposit Solutions.

Founded in 2011, Deposit Solutions is the leading European B2B open banking platform for savings deposits. Within the marketplace, it connects more than 150 partners with banks that provide deposit products.

Founded a year later, in 2012, Raisin is the leading European B2C platform for savings and investment. Its marketplace also offers access to deposit products to clients from all over Europe. In Germany, the company also offers diversified portfolios of ETFs (Exchange Traded Funds) and ETF-based pension products.

The new company, Raisin DS will combine the best practices in B2B and B2C – the “everyday” savings and investment products.

To date, two private groups have attracted external funding in the amount of EUR 300 million (about USD 359 million). PayPal is Raisin’s investor and Deutsche Bank is investing Deposit Solutions. Both companies have grown strongly over the past two years, with their combined client assets reaching EUR 20 billion (about USD 24 billion).

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