Want to get more out of your savings? The Berlin-based startup Raisin helps you do so, with its pan-European marketplace offering additional savings and investment solutions for bank customers. And the startup will be growing – it announced today that it has closed a Series D mega-round of €100 million, bringing its total amount raised to €175 million.
Raisin also announced that it has brokered a total of €10 billion in deposits to 62 partner banks, earning savers €79 million in interest since it was founded in 2013.
Existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital all participated in the funding round. Raisin plans to use the capital injection toward strategic acquisitions and further internationalisation, as well as growing its international team and extend its line of investment products.
Raisin offers banks across Europe access to flexible liquidity with a ‘Deposits as a Service’ business model. With partners such as N26 and the Dutch BinckBank, Raisin has implemented fully-integrated savings marketplace solutions, enabling banks to offer their customers a one-stop-shop portfolio with better investment opportunities, selected from Raisin’s more than 250 savings products. The customer experience for savers is convenient and user-friendly, and strengthens the relationship to their primary bank.
“We want to break through unnecessary barriers to profitable saving and share the benefits of open markets – with both consumers and banks,” said Raisin CEO and co-founder Dr. Tamaz Georgadze. “Our central aim is to give savers and financial institutions the ‘Schengen experience’ for banking. Our first five years demonstrate that, indeed, Raisin stands for the saving and investing of the future.”
With Raisin, customers can choose savings and investment products from banks across the continent, and banks can easily attract deposits from customers abroad. Raisin’s seven platforms connect partner banks – including Belgium’s biggest bank KBC, ICICI Bank UK and the German digital banking as a service platform solarisBank – with more than 160,000 Raisin customers from 31 different European countries.
“Raisin has realized its vision of a single market for savings and investment products,” commented Neil Rimer, Partner at Index Ventures. “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. We’re excited to continue to support Raisin on its quest to create Europe’s leading destination for savers and retail investors alike.”
