Raisin, the financial marketplace that connects customers looking to save with the most attractive deposit offers from European banks, has raised $30 million in Series C funding.
The funding was led by the US-based Thrive Capital, whose investments include Spotify and Slack. Raisin’s existing investors, Ribbit Capital and Index Ventures also participated in the round. The investment brings the total amount raised by Raisin to $60 million.
“We are proud to support the incredible team at Raisin as they continue to build on their success providing the leading marketplace for savings across Europe” says Jared Weinstein, partner at Thrive Capital.
The company said the money will be used on expanding and improving their European operations with key goals including accessing new customer groups, continued expansion in localised markets – with Italian market coming soon – and the broadening of its services to include additional simple investment products.
“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.” says Tamaz Georgadze – co-founder and CEO of Raisin.
2016 was a very good year for the marketplace: the company said it tripled the funds invested via its platform to over €2 billion, more than doubled the number of its partner banks to 27 and launched in Spain last month.
“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 two billion Euros 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,” said Neil Rimer, partner at Index Ventures, Raisin’s early investor.
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