Financial marketplace Raisin has raised an undisclosed amount of funding from PayPal.
German-based Raisin is a deposit investment service that makes its APIs available to financial services firms. More than 40 banks, including fintech firms like N26, offer services using Raisin's solutions. It will also launch its first retail investment product next year.
While no figures have been revealed, the funds will be used to boost Raisin’s operations in European markets. To date, the company has raised €60 million.
“Raisin and PayPal share a vision of democratizing access to financial services,” said Stephen Taylor, PayPal’s VP of consumer product for EMEA. “Raisin is a pioneering in open cross border banking deposit and they are clearly providing a unique value proposition in the European market.”
The marketplace has more than 100,000 customers in Europe, it said. “We want to further develop our services and make them easily accessible to all Europeans,” said Tamaz Georgadze, CEO of Raisin.