Raisin to offer pensions with acquisition of Fairr
Pan-European savings marketplace, Raisin, is acquiring German retirement savings specialist Fairr, reports Jane Connolly.
Raisin claims it will now be the only platform in the world to offer savings, investments and pension products on one online marketplace. The company is acquiring 100% of Fairr’s share capital in exchange for Raisin shares and an undisclosed cash sum.
The deal will give Raisin access to the €12 trillion European pension and retirement savings market. This is the firm’s second takeover of 2019, after acquiring MHB-Bank earlier in the year. Last month it was announced that Goldman Sachs had invested €25 million in Raisin.
Fairr bases its fully digital, low-cost offer on an exchange-traded fund (ETF) investment approach, giving access to the state-funded Riester product, along with Rürup and company pension product solutions. It also offers customers a holistic overview of their retirement savings with its unique ‘pension cockpit’.
Fairr’s entire team will join Raisin, with all three of Fairr’s founders taking leading roles in Raisin’s newly formed investments and pension products division.
“For consumers, retirement savings are still a very opaque, dusty, cost-intensive business,” says Fairr co-founder Jens Jennissen. “With Raisin’s access to the market we will be able to expand our reach significantly and continue to revamp the retirement savings market.”
“Through the takeover we will be able to expand our product offering specifically around the important aspects of retirement saving,” adds Raisin CEO and co-founder, Dr Tamaz Georgadze. “Together we want to grow and bring new momentum to the sector. Next to bank deposits, retirement savings is the most important asset class for individuals, with a volume of €2 trillion in Germany alone.”
Fairr will be incorporated under the marketplace’s brand as ‘Fairr by Raisin’.
