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In recent news, Raisin, a fintech startup which offers a marketplace for savings and investment products, has acquired Fairr, which is a German startup aiming to disrupt the pensions industry.
Raisin, a fintech startup which mainly offers a pan-European marketplace for savings and investments has just acquired a rival company Fairr to foray into the pensions industry. That way the company is naturally expanding from savings and investments to pensions.
While the deal details remain undisclosed, experts have speculated on the price of the deal, calling it in the “double-digit millions” range. Some experts have had access to more in-depth information regards the acquisition, but an official statement is yet to be made.
They claim that the majority of the deal was settled in cash, although some investors from Fairr accepted a mixture of cash and Raisin stock. On the Fairr’s side of investors included IBB Investitionsbank Berlin, Transamerica Ventures, Pro7Sat.1 Accelerator and Söderberg & Partners.
After the deal is completely done, the Fairr’s founders will continue to work in leading roles in the pensions division at Raisin. That includes Raisin’s existing investment product line WeltInvest.
“The entire Fairr team will also join them in becoming part of the larger Raisin family,” comments Fairr.
Raisin claims that this acquisition was a part of the plan to enter the €12 trillion European pension and retirement savings market. The company wants to make a united, all-in-one marketplace for all financial instruments. Also, one of the key factors for the platform is a one-time-only sign-in, so the user doesn’t have to log in on multiple platforms to manage their portfolios.
One of the main reasons for the acquisition is that Fairr has shown that they can successfully digitize and streamline the heavily regulated German pensions market. That includes Fairr’s ability to offer a more cost-effective and flexible version of the German state-funded “Riester” pension product. Also, the company offers products that are targeting company pensions and supplementary retirement savings.
Raisin congratulated Fairr on their approach to the market by commenting:
“Just as Raisin focuses on providing savings that are more customer-friendly and more transparent than comparable products on the market, Fairr has been dedicated to doing the same with its own solutions in retirement savings. Fairr’s low-cost, fully digital offer is based on an ETF investment approach.
The company has received multiple awards and seen its products recommended by both Germany’s premier financial advice publication and top consumer finance guide.”