Germany-based financial deposit marketplace Raisin has secured an undisclosed investment from digital payments platform PayPal.
Raisin, which provides individuals and businesses across Europe one-stop shop access to attractive savings products, said that the investment will be used to speed up the growth in its core European markets.
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Founded in Berlin in 2013, Raisin so far has raised a total of €60m with investments from Thrive Capital, Ribbit Capital and Index Ventures.
The company offers its marketplace APIs to banks, wealth managers, and brokers in any country across Europe. Over 40 banks, including Germany-based startup N26, offer services using Raisin’s solutions.
PayPal vice president of consumer products for EMEA Stephen Taylor said: “Raisin and PayPal share a vision of democratising access to financial services. Raisin is a pioneer in open cross border banking deposit and they are clearly providing a unique value proposition in the European market.”
Raisin CEO Tamaz Georgadze said: “More than 100 thousand customers in Europe already use Raisin’s services. We want to further develop our services and make them easily accessible to all Europeans.
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By GlobalData“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.”
