Raisin, a financial marketplace that enables savers to access the best deposit rates across Europe, has closed another round of financing.
The company previously has raised a total of EUR 60 million, with investments from Thrive Capital, Ribbit Capital, and Index Ventures. Raisin’s most recent fund raise closed in mid- December is a strategic investment from digital payments platform PayPal (NASDAQ: PYPL), and the investment is intended to accelerate the growth of Raisin in its core European geographies.
Raisin offers individuals and businesses across Europe one-stop shop access to attractive savings products. Currently, 40 banks offer savings accounts through Raisin, ranging from overnight flexible savings to long-term deposits. Raisin has also recently announced that it will launch its first retail investment product in the coming months.
Leading European financial institutions like neo-bank n26 have already integrated these marketplace services for their customers. The company offers its marketplace APIs to banks, wealth managers, and brokers in any country across Europe. Several large financial institutions are currently integrating Raisin white-label services into their desktop and mobile applications. Raisin boasts a high customer appreciation rating with a current NPS score of 73 and TrustPilot rating of 9.3 out of 10.
“Raisin and PayPal share a vision of democratizing access to financial services,”
said Stephen Taylor, VP Consumer Product EMEA.
“Raisin is a pioneering in open cross-border banking deposit and they are clearly providing a unique value proposition in the European market.”
“More than 100 thousand customers in Europe already use Raisin’s services. We want to further develop our services and make them easily accessible to all Europeans. We are thrilled to work with PayPal in making both the products more relevant and more accessible to hundreds of millions of Europeans who can get more out of their savings and investments,”
says Tamaz Georgadze, CEO of Raisin.