European financial deposit marketplace Raisin has closed a €30 million Series C financing with a goal of expanding into new markets and broadening its product based beyond savings accounts to encompass new investment opportunities.
The round was led by US-based Thrive Capital - which has already invested in a number of successful startups such as Spotify, Slack, and Oscar - with participation of Raisin’s existing investors Palo-Alto-based Ribbit Capital and Index Ventures. Launched in 2013, Raisin has now raised a total of €60 million.
The new funding comes after a record year in which Raisin tripled the cash invested via the marketplace to over EUR 2bn, more than doubled the number of partner banks to 27 and broadened its reach from Germany and Austria to 31 countries across Europe.
Neil Rimer, partner at Index Ventures, Raisin’s early investor, says: "Europe is a continent of savers who tend to put 70-80% of their liquid assets into accounts earning almost zero interest and despite this, they hardly ever switch banks. The two billion euros that European savers have deposited with Raisin proves that offering higher interest rates and making it easy and painless for people to move their deposits between banks is an attractive proposition."