The German Fintechs Are Coming
/Germany has one of the most robust and innovative fintech sectors in the world. A big reason is that the country has a regulatory landscape that seeks to work with and incubate start-ups, as opposed to stifling innovation. A number of German challenger banks and fintech firms have made waves over the past few years. And now a few have their sights set on the U.S. market.
Perhaps the star of German fintech is the digital challenger bank N26, formerly known as Number 26. It’s earned rave reviews since it debuted several years ago. Earlier this year, it made the announcement that it will shortly begin offering services to U.S.-based customers. Mambu, a German-based SaaS banking platform provider, also recently opened a second North American office, on the heels of a $30 million funding round.
Now another German fintech, Raisin, also plans to launch in the U.S., targeting consumers looking for better rates on savings accounts. Raisin was created to help Europeans shuffle their money around the continent to the highest-yielding savings account. It hopes to provide a similar service to U.S. customers, helping them chase high-yield savings accounts from state to state—accounts that many consumers are unaware of.
Given the savings crisis in America, we think such a service will catch on quickly for budget-conscious consumers.