Raisin, the Germany-based operator of an online marketplace for savings and investments products, completed a $114m series D round featuring payment technology provider PayPal today.
Venture capital firms Index Ventures, Ribbit Capital and Thrive Capital also participated in the round, which came after PayPal had invested an undisclosed amount in Raisin in late 2017.
Founded in 2012 as SavingGlobal, Raisin offers European consumers and small businesses a range of more than 250 savings products supplied by 62 partner banks across the continent including KBC, Icici Bank UK and SolarisBank.
The company has brokered more than $11bn in deposits from some 160,000 users, and German customers can also access exchange traded fund portfolios through the platform. Raisin moved into the UK and Dutch markets in 2018 and plans to formally enter another two countries this year as it increases its international headcount.
Thrive Capital led Raisin’s $31.7m series C round in January 2017, participating alongside Index Ventures and Ribbit Capital. The latter two had previously joined private investors Yuri Milner and Tom Stafford for a $21.8m series B in 2016 that took the company’s total funding to $32.7m.
Tamaz Georgadze, co-founder and chief executive of Raisin, 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.”
