Berlin-based FinTech Raisin has revealed the strategic placement of more than €20 billion with banks in 25 countries, and that it is also managing an investment volume of more than €500 million.
Launched in 2013, Raisin is a cross-border savings and investment marketplace with more than 230,000 customers in various European markets. The company is backed by a mix of European and American investors including btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Digital Ventures and Ribbit Capital.
There are currently 90 financial institutions offering more than 600 deposits on Raisin platforms, with an additional several dozen financial services providers including Commerzbank, Legal & General and N26 that have integrated part or all of Raisin’s marketplace into their own offerings. The company has seven dedicated country platforms, in Germany, Austria, Spain, the Netherlands, the UK, France and Ireland.
“Reaching these new milestones affirms the relevance of our mission – breaking down barriers so that savings can actually pay off. Now more than ever we believe in the benefits of cross-border banking and harmonizing liquidity imbalances, as well as regulation, across Europe,” said Dr. Tamaz Georgadze, co-founder and CEO of Raisin.
This announcement follows news earlier this year that Raisin is planning to roll out in the U.S. following the acquisition of software company Choice Financial Solutions (Choice FS)—the firm’s fourth major strategic investment in another company within the last year.
Headquartered in Spain, Choice FS developed a software solution that allows banks and credit unions to create customized deposit accounts based on their customers’ needs. Raisin plans to license Choice’s software to American banks, enabling them to offer those customized products directly to their own clients, or via the Raisin U.S. platform to all U.S. retail consumers.
“Joining forces with Choice Financial Solutions lets Raisin begin offering cutting-edge services to banks and customers before we even launch our U.S. platform,” explained Raisin U.S. CEO Paul Knodel.
And last year Raisin entered the pension market via its acquisition of German startup Fairr. That market is worth about €12 trillion in all of Europe, and the deal was reportedly an all-cash one for an undisclosed amount.