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Raisin raises $114 mn to back its market expansion strategy

Tamas Giorgadse, CEO and Co-Founder, Raisin

Pan European fintech startup Raisin has announced that it recently closed a series D funding round securing an amount of $114 million and bringing the total amount raised to $200 million. The funding round was joined by existing investors such as Index Ventures, PayPal, Ribbit Capital, and Thrive Capital.

Raisin CEO and co-founder Dr. Tamas Giorgadse stressed: “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.”

The new capital will be put toward strategic acquisitions and further internationalization. Following launches in the Netherlands and the UK last year, Raisin is planning to add at least two additional markets to its platform this year.

“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. We’re excited to continue to support Raisin on its quest to create Europe’s leading destination for savers and retail investors alike,” commented Neil Rimer, Partner at Index Ventures.

Established in 2012, the Berlin-based Rasin is an open banking platform with partnerships with 62 banks. Raisin’s seven platforms connect partner banks – including Belgium’s biggest bank KBC, ICICI Bank UK and the German digital banking as a service platform solarisBank – with more than 160,000 Raisin customers from 31 different European countries. With Raisin, customers can choose savings and investment products from banks across the continent, and banks can easily attract deposits from customers abroad. It has brokered more than $11 billion in deposits to its 62 partner banks and earned savers $90 million in earned interest.

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