Raisin acquires Manchester’s PBF Solutions to enter UK market

German-based fintech company Raisin has acquired UK financial services company PBF Solutions. No terms were disclosed.

Raisin is a deposit marketplace. The acquisition of Manchester-based PBF Solutions will bring the solution to the UK market, said its CEO Tamaz Georgadze. Despite Brexit and market volatility, Raisin is committed to the UK, he said. The PBF Solutions name will cease and will come under the name of Raisin UK.

Raisin is partnered with more than 40 banks and financial institutions in Europe with 90,000 customers that have deposited €4.3 billion into the marketplace. It raised a €30 million Series C round earlier this year.

“The acquisition of PBF gives us the opportunity to significantly broaden our offer to UK savers and deposit takers,” added Georgadze. “Furthermore, we are looking forward to taking advantage of the in depth market knowledge and technological know-how of PBF’s experienced team. We are truly excited to be working together.”

PBF Solutions CEO Kevin Mountford will oversee the UK operations and its expansion.

“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,” he said.

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