By Roger Baird on Wednesday 6 February 2019
The Berlin-based platform attracted cash from existing investors PayPal, Index Ventures and Thrive Capital.
German savings marketplace Raisin has raised $114m from a cash call to fund international expansion and new product development.
The Berlin-based firm raised the cash in a series D funding round from a number of existing investors, including US online payments giant PayPal and American private equity firms Index Ventures and Thrive Capital.
The platform said following launches in the UK and the Netherlands last year, it plans to add “at least two additional markets” in 2019. It also wants to strengthen its international team and add to its line of investment products.
Raisin offers higher rate savings accounts through 62 partnerships with banks in 31 countries across Europe. It has 160,000 customers and has brokered €11bn on its platform since it was launched in 2013. In total the platform has raised $200m from investors since launch.
Raisin chief executive and co-founder Dr. Tamaz Georgadze (pictured, centre) said: “We want to break through unnecessary barriers to profitable saving and share the benefits of open markets – with both consumers and banks. Our central aim is to give savers and financial institutions the ‘Schengen experience’ for banking.”
The Schengen area comprises 26 European states that have abolished passport and border controls following a 1985 agreement, signed in the Luxembourg town of Schengen.
Index Ventures partner Neil Rimer added: “Raisin has realized its vision of a single market for savings and investment products. Using their Raisin account, people can choose savings and investment products among hundreds of offers from dozens of institutions in multiple countries and invest instantly with a few clicks.”
Last month, Santander and Raisin signed an Open Banking deal, which allows up to 14 million of the Spanish high street banking giant’s to share data with the fintech start up and use its services.
The deal allows Santander customers to share details such as names, dates of birth, ID, and contact details with the German savings marketplace at the touch of the bank’s online ‘Santander Connect’ button.
