With fresh cash in the bank, the fintech makes a new acquisition.
Image source: Dr. Tamaz Georgadze/Raisin
Raisin, one of Europe’s best-financed fintechs having recently closed a $114m funding round with PayPal,Index Ventures and others, has used the fresh cash today to fuel its first acquisition.
MHB Bank in Germany, which Raisin has long worked with, will become part of the fintech (subject to approval by the German regulator BaFin) and expand Raisin’s footprint in Germany.
“We believe in making sustainable changes to the financial system in order to make the needs of customers and partners paramount,” said Raisin CEO and cofounder Dr. Tamaz Georgadze.
“Together with MHB, we can continue to develop — and seamlessly integrate — the services we offer customers, partner banks and distribution partners.”
Raisin operates a savings marketplace with products from 62 banks across Europe, many of which boast higher savings rates that would otherwise be available.
The company currently has 160,000 customers and has brokered €11bn on its platform since it was launched in 2013. In total the platform has now raised $200m from investors since launch.
In 2016 MHB had over €500m in assets under management and, interestingly, Raisin will also acquire a banking licence as part of the takeover.
Terms of the deal were not disclosed.
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