Berlin-based Raisin, a pan-European savings marketplace, has announced a new investment of €25 million from Goldman Sachs. The new investment follows the fintech’s recent Series D round of €100 million raised in February 2019.
Raisin will use the funding to launch in the $12.7 trillion US savings market in 2020, as well as enter two new European markets in 2019. Following Raisin’s acquisition of Manchester-based PBF Solutions in 2017, now Raisin UK, the startup bought its long-time servicing bank MHB-Bank in early 2019.
With its ‘deposits-as-a-service’ platform, Raisin offers savers access to higher-interest savings products through partner banks across Europe. Since it was founded in 2013, Raisin has brokered more than €14 billion for over 185,000 customers. With more than 480 savings products from 80 European partner banks, the fintech provides a deposits marketplace to banks all over the European Economic Area looking to diversify with high-quality retail funding from markets beyond their own. Raisin has also built distribution partnerships with N26, Commerzbank, o2 Banking of Telefónica Germany and Yolt among others, making Raisin a marketplace of competitive deposit products.
Now, the fintech aims to further advance its technology, acquire top-notch talent, and broaden its product portfolio. With the backing of preeminent global investment bank Goldman Sachs, Raisin will be able to further accelerate its mission of removing barriers and simplifying access to better and fairer savings and investments in Europe and the US.
“Raisin has developed a unique savings marketplace with a solid business model, impressive growth and a loyal customer base,” said Managing Director of Goldman Sachs Principal Strategic Investments Rana Yared. “We are excited to support the company’s outstanding management team in executing their vision.”
“This investment from such a renowned brand is a very encouraging confirmation for us that our core business, as well as growth strategy, are on the right track,” added Raisin CEO and co-founder Dr. Tamaz Georgadze. “We’re really proud to have Goldman’s backing, especially given the expertise in investment products, along with an extraordinary 150-year history and record of success.”