Raisin picks up €30m for deposits marketplace

Berlin-based banking deposit marketplace Raisin has closed €30m in a Series C funding round led by US VC Thrive Capital.

Previously backing the likes of Spotify, Slack and Oscar, Thrive was joined by fellow US firm Ribbit Capital and European investor Index Ventures.

Raisin’s marketplace is designed to provide consumers with access to deposit accounts across Europe allowing them to save at the highest interest rates.

The company’s platform automatically opens the chosen deposit accounts for users and allows them to manage accounts across multiple partner banks.

It generates revenue through commissions paid by its partners.

The new funding follows a record year for the startup which saw funds deposited through the platform triple to surpass €2bn and its number of partner banks more than double to 27.

Index Ventures partner Neil Rimer said: “Europe is a continent of savers who tend to put 70-80% of their liquid assets into accounts earning almost zero interest and despite this, they hardly ever switch banks.

“The €2bn that European savers have deposited with Raisin proves that offering higher interest rates and making it easy and painless for people to move their deposits between banks is an attractive proposition.”

Currently operating across 31 European countries the company says the funding will be used to continue reaching out to new customers, entering new markets and adding additional investment products to its offering.

Raisin CEO and co-founder Tamaz Georgadz said: “Our goal is to continuously strengthen Raisin’s innovative proposition and to become the go-to-marketplace for all Europeans for their savings and investment needs.”

The round brings the company’s total funding to €60m to date.

Copyright © 2017 FINTECH GLOBAL

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