Monobank ASA signed a German and European service agreement with Berlin based Raisin GmbH
OREANDA-NEWS. Monobank ASA (MONO-ME) has signed a German and European service agreement with Berlin based Raisin GmbH, the leading deposit provider to the European Economic Area. The cooperation will allow Monobank to provide deposit products via the Raisin internet platform to European private individuals, hereunder predominantly to the residents of Germany, France, Austria and Spain.
"The scalability in our platform is Monobanks uniqueness, and the fact that we are able to roll out the cooperation with Raisin swiftly is a proof of this. Our ambition is clear, we will be a multi-country operation, and this is our first step out of the Nordics. That we are able to mitigate currency risk by ensuring deposits in other currency is also part of the puzzle here", says Bent Gjendem, CEO of Monobank ASA.
Raisin provide deposit products to more than 95,000 customers and is present in more than 30 countries. The agreement will allow Monobank to raise funding in other currencies as well as to introduce Monobank to the European market and thus to exploit the scalability in the Monobank technical platform.
Monobank is a digital bank offering unsecured lending to qualified private individuals in Norway and Finland. Operations started out of Bergen, Norway, in November 2015 after received its banking licence from the Financial Supervisory Authority of Norway. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which Monobank is a member.