Since its founding four years ago, Raisin has returned its first cash flow positive month after passing €5bn in brokered savings deposits.
The European marketplace for savings and investment products increased its total customer deposits by over €3bn in 2017, after its international expansion efforts bolstered growth. The company now serves over 30 European markets, with around 20 per cent of all new customer acquisitions coming from abroad.
Last year, Raisin bought out its British competitor PBF Solutions in order to refocus its strength onto the UK market. The platform also surpassed 100,000 customers, added 12 new partner banks and fielded more than 170 offers from over 40 integrated banks, as well as receiving just under €40m in additional interest income.
“In times of negative interest rates, many banks are not interested in their customers' deposits and therefore offer them zero or even negative interest rates,” said Tamaz Georgadze, CEO and founding member (pictured).
“We are pleased to be able to offer savers throughout Europe an attractive alternative.”
Raisin also received an undisclosed sum of investment from payments giant PayPal in December, standing as further evidence of the marketplace’s plans to continue its aggressive expansion across Europe.
As for the near future, the platform said in a statement that it is seeking to increase its product range. Raisin is looking to collaborate with existing partners DAB BNP Paribas and Vanguard in order to offer its customers access to “globally diversified and cost-effective” ETF portfolios.