German FinTech startup Raisin enters the Spanish market with its exclusive savings platform

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Raisin, one of the leading Pan-European online deposit marketplaces, has launched its Spanish-language platform www.raisin.es today for customers in Spain with a dedicated Spanish customer service team.

The Berlin-based startup was founded in 2012 and more than 50,000 customers have already deposited over € 1.8 billion in its 22 partner banks from 14 European countries. According to the young company, Raisin customers have already profited from an additional € 15 million interest compared to the average interest rates available in their respective markets. Raisin has raised €30 million from investors, including Index Ventures and Palo-Alto-based Ribbit Capital.

With the launch in Spain, Raisin achieved the next milestone of it’s ambitious expansion plan. Raisin CEO and founder Dr. Tamaz Georgadze stated: “We are proud to be the first online platform in Spain offering term deposits from banks across Europe to Spanish savers.”

According to Raisin, Spanish savers lack investment options that offer attractive interest rates, no hidden fees, and a user-friendly environment. This is why Raisin decided to enter the Spanish market with an exclusive savings platfrom. All deposits with Raisin’s partner banks are guaranteed 100% up to €100,000 per customer and per bank by national deposit guarantee schemes in accordance with EU directives.

Spain is the fourth largest savings market in the Eurozone, and according to the Bank of Spain and the European Central Bank, a record amount of more than €761 billion is lying in Spanish bank accounts. Spaniards channel on average around 40% of their savings to deposits, even though average interest rates have slumped from around 5% in 2008 to 0.15% in September of the current year.

David Jiménez Maireles, Country Head Spain commented: “Raisin enables Spanish savers to swiftly place their savings in European banks that offer substantially higher interest rates than the average offered by Spanish banks. Raisin is free of charge for customers and currently offers interest rates of up to 1.05% AER. This means our service enables Spanish savers to earn more without facing greater risk.”

In coming months, Raisin plans to enter additional European markets with localised platforms.  Katharina Lueth, Head of Europe at Raisin said: “There is significant appetite in Europe for the products and services we offer. We have seen this with our Pan-European platform www.raisin.com. We want to help Spanish savers and savers all across Europe to earn higher interest – just like our German customers have already earned € 15 million in additional interest.”