Nearly six months after its international launch, German investment service Raisin has announced that it has reached €1.7 billion invested in its platform, having previously reached $1 billion in Germany.
The pan-European site allows users to invest money in high interest bank accounts via the startup’s partner banks. As of today, more than 50,000 people have used the service. It launched in April this year.
“Achieving the second billion is now in very close reach and we expect to reach it before the year is over. Reaching the second billion is definitely easier than the first,” said Dr Tamaz Georgadze, cofounder and CEO of Raisin. It has achieved this €1.7 billion figure faster than competitors Betterment and Wealthfront, he added.
In addition to the €1.7 million milestone, Raisin has added the Portuguese arm of Haitong Bank as its 20th partner bank. Haitong Bank, founded in 1988 in China, has had a particular focus on the Chinese market but has a sizeable presence in several European markets.
Banks that sign up to Raisin’s service provide zero-rate offers to customers or negative rates to SMEs.