Raisin, the European savings deposit marketplace that allows consumers to shop for a better interest rate across Europe, has secured an undisclosed investment from PayPal.
The Berlin-based company that was founded in 2013 had closed a €30 million ($36 million) Series C financing round in January to accelerate growth in its core European geographies and expand into new markets.
The company previously has raised a total of €60 million, with investments from Thrive Capital, Ribbit Capital and Index Ventures. Raisin offers its marketplace APIs to banks, wealth managers, and brokers in any country across Europe.
Tamaz Georgadze, CEO of Raisin, stated: “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.”
Stephen Taylor, vice president for consumer product EMEA, said: “Raisin and PayPal share a vision of democratising access to financial services. Raisin is a pioneering in open cross border banking deposit and they are clearly providing a unique value proposition in the European market.”
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.