Raisin, a Germany-based financial services marketplace platform backed by investment bank Goldman Sachs, digital payment processor PayPal and telecommunications group Orange, has merged with domestic peer Deposit Solutions.
Founded in 2012, Raisin operates a consumer-focused online marketplace for savings and investment products, while Deposit Solutions has built a digital marketplace for business-to-business deposits.
The merged business will operate under the name Raisin DS and plans to further invest in its technology platforms, expand its product range and enter new markets. Raisin’s total funding stood at $228m as of a $29m capital injection from investment bank Goldman Sachs in July 2019.
Orange unit Orange Digital Ventures invested an undisclosed sum in Raisin in May 2019, adding to the $114m in series D funding it had received from investors including PayPal, Index Ventures, Ribbit Capital and Thrive Capital three months earlier.
PayPal supplied an undisclosed amount of funding to Raisin in December 2017, after Thrive Capital led its $31.7m series C round in January the same year with backing from Index Ventures and Ribbit Capital.
An official statement listed financial services firm Deutsche Bank and Goldman Sachs as Raisin DS’s existing investors, in addition to Orange Digital Ventures, PayPal subsidiary PayPal Ventures, Btov Ventures, Kinnevik, FinLab, Greycroft, Headline, Index Ventures, Thrive Capital, Top Tier Capital Partners, Ribbit Capital, Vitruvian Partners and Peter Thiel.