Raisin: PayPal-backed Berlin fintech startup raises €100M funding; overall deposits cross €10B

Raisin: PayPal-backed Berlin fintech startup raises €100M funding; overall deposits cross €10B

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Berlin-based Raisin operates with the intention to provide you with the best interest rates. It has a pan-European marketplace, which offers additional savings as well as investment solutions. With this network, the German startup lets its customers access exclusive savings products all over the continent.

Recently, Raisin secured €100 million in a Series D mega funding round from existing investors including PayPal, Thrive Capital, Ribbit Capital and Index Ventures. With this investment, the overall funding it has raised goes to €175 million.

The startup also announced that it brokered €10 billion in deposits to 62 partner banks letting savers earn €79 million since its launch. Raisin was founded in 2013 by Tamaz Georgadze, Frank Freund and Michael Stephan.

Future plans of Raisin

The fintech startup will use the investment towards strategic acquisitions and further expansion in the internet markets. It also aims to grow its international team and extend its lineup of investment products.

This Berlin-based startup offers banks all over Europe access flexible liquidity with its ‘Deposits as a Service’ business model. It works with partners including Dutch BinckBank and N26. The startup allows banks offer a one-stop-shop portfolio with improved investment opportunities for their customers. This is possible with the completely integrated savings marketplace solutions offered by the startup. On the whole, its customers claim that this service is convenient as well as user-friendly. It is also said to strengthen the relationship with the primary bank account.

While Raisin has over 250 savings products, its customers are free to choose investment and savings products from the banks. The banks can attract deposits from the customers who are abroad. It connects with partners such as KBC (biggest bank in Blgium), ICICI Bank UK, Germany’s solarisBank and more. The startup works in 31 European countries and has 160,000 customers in 2008.

Regarding the investment, Raisin co-founder Tamaz Georgadze said, “We want to break through unnecessary barriers to profitable saving and share the benefits of open markets – with both consumers and banks. 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.”

Stay tuned to Silicon Canals for more updates in the tech startup world.

Also read,

6 things to know before setting up your deep tech scaleup in Belgium today!

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