Raisin, Europe’s #1 financial marketplace that enables savers to access the best deposit rates across Europe, has closed a €30 million Series C financing. This brings the total amount raised to date to €60 million making Raisin one of the best funded FinTech companies in continental Europe.
The round was led by US-based Thrive Capital, which has already invested in a number of successful startups such as Spotify, Slack, and Oscar, with participation of Raisin’s existing investors Palo-Alto-based Ribbit Capital and Index Ventures.
The round comes after a record year 2016 where Raisin tripled the funds invested via the marketplace to over €2 billion, more than doubled the number of partner banks to 27 and broadened its reach from Germany and Austria to 31 countries across Europe – the launch of the Spanish platform in December being the most recent launch.
Neil Rimer, partner at Index Ventures, stated: “Europe is a continent of savers who tend to put 70-80% of their liquid assets into accounts earning almost zero interest and despite this, they hardly ever switch banks. The two billion Euros that European savers have deposited with Raisin proves that offering higher interest rates and making it easy and painless for people to move their deposits between banks is an attractive proposition.”
The funds will be used to reach new customer groups, to continue the company’s international expansion into further localized markets – Italy to come soon – and to broaden its Raisin’s offering towards additional simple investment products.
Tamaz Georgadze, the co-founder and CEO of Raisin said: “Our goal is to continuously strengthen Raisin’s innovative proposition and to become the go-to-marketplace for all Europeans for their savings and investment needs.”
The Berlin-based FinTech startup Raisin was founded in 2012 and under the brands WeltSparen and Raisin, the young company has offered an online marketplace for deposit products of partner banks in the European Economic Area since 2013.