German fintech firm Raisin has raised €60m in a Series E funding round from new and existing investors.
The round was led by global financial services institutions including M&G’s Catalyst and saw participation from existing investors such as Goldman Sachs.
Set up in 2012, Raisin aims to provide “simple and convenient” savings and investment products to consumers across the globe.
It plans to use the new funding to invest in new features, streamline processes and expand accessibility.
Raisin also plans to accelerate its growth in expanding markets such as the US, where it forayed in 2020.
Raisin chief financial officer and co-founder Frank Freund said: “The investment marks another important step in our objective to provide savers throughout the European Union, the United Kingdom and the United States with straightforward and fair products.
“As a fintech pioneer, we provide the infrastructure to democratise the global savings and investments market – benefiting consumers and financial institutions alike. With the new commitment, we will be better positioned to bring value to even more consumers and partners.”
Since its inception, Raisin claims to have generated €850m in interest for over one million consumers worldwide and currently has €38bn in assets under management (AuM).
M&G Catalyst head of global investments Niranjan Sirdeshpande said: “We are excited to be supporting Raisin’s impressive growth story as they seek to improve outcomes for savers of all ages across Europe, the UK and the US and reduce barriers and inefficiencies in the financial system.”
In July 2019, Raisin raised €25m in funding from Goldman Sachs, following the fintech’s series D round of €100m.