Raisin caught raising $114m for savings quest
Raisin, the fintech marketplace for savings and investment products, has closed a Series D funding round of $114 million, bringing the total amount raised to $200 million.
Existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital all participated in the round.
The new capital will be put toward acquisitions and internationalisation. Following launches in the Netherlands and the UK last year, Raisin is planning to add at least two additional markets to its platform this year.
The fintech is based in Berlin, and has a subsidiary in Manchester (UK), and aims to expand its international team and extend its line of investment products.
Raisin also announced that it has brokered more than $11 billion in deposits to 62 partner banks and earned savers $90 million in earned interest. With Raisin, customers can choose savings and investment products from banks across the continent.
Raisin CEO and co-founder Dr. Tamaz Georgadze stresses: “Our central aim is to give savers and financial institutions the ‘Schengen experience’ for banking.”
The fintech has a “Deposits-as-a-Service” business model, offering banks access to liquidity. Raisin has built open banking partnerships this past year with banks like O2 Banking of Telefónica in Germany.
With additional partners such as N26 and the Dutch BinckBank, Raisin implemented integrated savings marketplace solutions, enabling the banks to offer their own customers a portfolio with investment opportunities, selected from Raisin’s products.