German wealth tech startup Raisin raises $114 million for its “deposit-as-a-service” platform

andrii@tech.eu

Berlin-based startup Raisin, a global marketplace for term deposits, has raised a $114 million funding round from its existing investors Index Ventures, PayPal, Ribbit Capital, and Thrive Capital. Raisin plans to use the capital injection for “strategic acquisitions and further internationalisation,” the company stated in a press release.

Since its launch in 2012, Raisin — known in German-speaking markets as WeltSparen — has partnered with 62 banks to create a marketplace of savings and investment products across Europe. It’s also opened offices in the Netherlands and the UK, and plans to add two more markets by the end of 2019.

“We want to break through unnecessary barriers to profitable saving and share the benefits of open markets – with both consumers and banks,” said Tamaz Georgadze, Raisin CEO and co-founder. “Our central aim is to give savers and financial institutions the ‘Schengen experience’ for banking.”

In the photo (left to right): Raisin co-founders Frank Freund, Tamaz Georgadze, and Michael Stephan

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