£1 Billion Target for Raisin UK
Manchester-based tech firm Raisin UK aims to generate £1 billion revenue this year.
12:30 09 January 2020
Raisin UK has revealed ambitious plan to generate £1billion revenue this 2020.
The Manchester-based tech company has added five new banks to its platform, including lending giant OakNorth, last year. The UK arm of the online marketplace now offers different savings accounts from over 13 banks, with many more due to join the platform in early 2020.
Raisin UK CEO Kevin Mountford said: "This year has been significant for us laying down a strong foundation to achieve our £1 billion targets next year."
"From tech partnerships with leading money management apps Yolt and Monese, we’ve also developed strong distribution partnerships with UK market leaders Legal & General and ClearScore.
"Since our launch, we’ve seen changes in the market that are driving a savings-savvy consumer that is driving a highly competitive market. Consumers are now actively seeking out better rates and locking their money away for longer periods than ever before.
"Over the last six months, we have seen a six per cent uplift in customers choosing fixed-term savings accounts over 12 months, which has been increasing MoM which we predict will continue to grow well into 2020.
"Our own focus, for next year, is to scale the business with the launch of new products, such as Easy Access savings accounts, to widen the platforms appeal to a broader consumer.
"We also have a healthy stream of banks that we are onboarding onto the platform and some really exciting distribution partners that we should be launching in Q1."