Raisin, the online marketplace for deposits, has launched today across Europe with what the startup calls “the first of its kind” pan-European marketplace for savings.
Originally launched in 2013 in Germany under the name WeltSparen or SavingGlobal, the fintech startup lets users deposit money in higher interest rate accounts with any of the startup’s partner banks around Europe. The Berlin startup is working with Belgium’s Keytrade Bank to provide these services and some of the other partner banks around Europe include Grenke, Novo Banco, and Banca Sistema.
Dr. Tamaz Georgadze, CEO and co-founder of Raisin said its marketplace can increase the interest European banking customers make “as much as four-fold”. All deposits are guaranteed up to €100,000 per saver and bank with no set up costs.
“It’s an easy, fair, and convenient way for our customers to manage their savings and raise their interest,” said Katharina Lüth, head of Europe for Raisin.
“Banks across Europe will be for the first time competing for deposits from customers across Europe,” said Neil Rimer, partner at Index Ventures, an investor in the startup. “More competition means better interest rates for savers and more funding for banks that offer the best rates.”
Raisin previously raised a Series B round last year worth €20 million from Ribbit Capital and Index Ventures. Since its launched the company claims that its 35,000 customers in 30 countries that have made deposits of €1 billion via the platform.