The Poland-based Alior Bank is teaming up with solarisBank, Raisin and Mastercard to roll out a digital bank in Europe open to all European Union residents. According to a report in BankingTech, the new digital bank is slated to launch in the fourth quarter of this year and will be a collaboration between all of the companies.
Alior Bank will provide multicurrency accounts with international transfers and deposits, while solarisBank will provide the banking infrastructure; Raisin, via its network of partner banks, will provide savings and investment products for the digital bank. Meanwhile, Mastercard will offer additional services to customers through the alliance. The digital bank will be available to all residents of the European Union, with the initial launch in the German market followed by expansion to other markets.
“For example, a customer in Germany, while opening an account with solarisBank, will instantly gain access to a multicurrency account with Alior Bank and to Raisin’s savings products,” Daniel Daszkiewicz, head of FinTech at Alior Bank, said in the report.
Partner Raisin, which is backed by PayPal, launched a dedicated U.K. site earlier this year for its savings deposit marketplace. According to TechCrunch, the site allows consumers to shop for better interest rates across Europe. Its first partner bank in the U.K. is BACB, which is offering a range of fixed-term savings accounts with competitive interest rates. The company revealed that it’s working on adding more banks to the platform and “will build a marketplace with a broad range of participating banks and savings products over the coming months.”
Founded in Berlin in 2013, Raisin has partnered with more than 45 banks and financial institutions. So far, more than 100,000 European customers have invested over €5 billion into Raisin marketplace deposits. The U.K. team became part of Raisin in September 2017.