PayPal invests in deposit marketplace Raisin

PayPal invests in deposit marketplace Raisin

European financial deposit marketplace Raisin has secured an undisclosed investment from PayPal.

Founded in Berlin in 2013, Raisin closed a €30 million Series C financing round in January with a goal of expanding into new markets and broadening its product based beyond savings accounts to encompass business deposits and new investment opportunities.

The company is also offering a white-label version of its product for integration into bank Websites; fellow German startup N26 is the first to go public with the service.

Stephen Taylor, VP consumer products Emea at PayPal says of the investment: “Raisin and PayPal share a vision of democratising access to financial services. Raisin is a pioneer in open cross border banking deposit and they are clearly providing a unique value proposition in the European market.”

Earlier this month, Raisin reported that the total number of customers served in its marketplace has grown to 100,000. Consumers use the platform to search and open accounts from a panel of 40 partner banks from 18 European countries.

The 120-people strong company current;y operates country-dedicated platforms in Germany, France, Spain, and Austria alongside its European platform In September,Raisin acquired Manchester-based customer acquisition startup PBF Solutions as a prelude to entering the UK market.

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