Raisin has secured an undisclosed sum of investment from digital payments platform PayPal. The money will be used to accelerate the growth of Raisin across its core European geographies. Raisin aggressively expanded into the UK via the acquisition of PBF Solutions in September.
The Raisin platform is essentially a smorgasbord of savings accounts offered by more than 40 banks across 18 European geographies, allowing users to save and monitor their money more easily – and more profitably. Raisin works with a large number of challenger banks (and even with an unusually-licenced online lender) to offer premium savings rates to its customers.
So far, the business has attracted more than 100,000 customers, and has raised deposits of over €4bn.
“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.”
Raisin also offers its marketplace APIs to banks, wealth managers and brokers across Europe, with customers including neo-bank N26. The firm says that several “large financial institutions” are currently integrating its white-label services into their desktop and mobile applications.
In investing in Raisin,PayPal joins existing backers Thrive Capital, Ribbit Capital and Index Ventures.
"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,” said Tamaz Georgadze (pictured), CEO of Raisin.
