Raisin – How the financial crises inspired this former partner in a large consultancy to jump ship and found a startup

In this interview we talk to Dr. Tamaz Giorgadze, who came to Germany from his native Georgia, eventually becoming a partner at the German office of McKinsey & Company. During the financial crisis, he saw a demand for retail deposits by banks and decided to jump ship to set up his own company. The company is operating as weltsparen.de in Germany and raisin.com internationally. Joern talks to Tamaz and you get a quick overview of what banks actually do, where they get their money from and how retail investors in Europe profit from this.

We are talking during the interview about those topics:
Wholesale funding
Bank’s transformation function 
Duration

Regulatory measures of bank’s liquidity
Liquidity coverage ratio  
Net Stable Funding Ratio 

Deposit 
KYC – Know your customer 
AML – Anti Money Laundry
TÜV – A German association of mostly technical auditors

Payment topics we touch
SEPA
TARGET 2
And a correspondent bank system (all money transfer used to be done this way)

Deposit insurance schemes (how saver’s money is insured)
Harmonized scheme in Europe

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