Raisin, the pan-European FinTech that operates a marketplace for savings and investment products, announced Wednesday (February 6) that it raised $114 million in venture capital funding, bringing the total amount it has raised to $200 million.
In a press release announcing the Series D round of fundraising, which included existing venture capital investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital, Raisin said it has brokered more than $11 billion in deposits to 62 banks it has partnered with and resulted in customers saving $90 million in earned interest.
Proceeds from the fundraising round are expected to be used to make strategic buys and to expand more internationally. Raisin launched in the Netherlands and the U.K. in 2018 and plans to add two or more markets to the platform in 2019. It also plans to grow its international team and expand its line of investment products with the funding. The company noted in the press release that new capital will enable it to strengthen its position in the marketplace. “Raisin has realized its vision of a single market for savings and investment products. Using their Raisin account, people can choose savings and investment products among hundreds of offers from dozens of institutions in multiple countries and invest instantly with a few clicks,” said Neil Rimer, partner at Index Ventures in the press release. “We’re excited to continue to support Raisin on its quest to create Europe’s leading destination for savers and retail investors alike.”
With Raisin, customers are able to choose savings and investment products from around the world while banks can gain more deposits from customers outside of their home country. Partner banks have access to more than 160,000 customers residing in 31 different European countries, the company noted in its press release. “We want to break through unnecessary barriers to profitable saving and share the benefits of open markets — with both consumers and banks,” said Raisin CEO and co-founder Tamaz Georgadze in the press release. “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.”