/Start ups

Fintech News for the Start-up revolution

Orange Digital Ventures joins Raisin Series D

Source: Raisin

Orange Digital Ventures announces its latest investment with Raisin, an innovative Berlin-based fintech making strides in the European savings marketplace. Orange has joined the €100m Series D fundraising round of Raisin alongside existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital.

The new round allows Raisin, one of the fastest growing European start-ups, to expand its core service in at least two additional European markets this year and extend its line of investment products.

Through its partnerships with over 75 banks from 24 countries, and with over 175,000 users in 31 countries and €12 billion brokered deposits, Raisin has created the leading pan-European marketplace in retail banking, removing barriers to profitable and easy savings for consumers as well as creating simple and fast access to liquidity for banks.

Raisin offers a ‘deposit-as-a-service’ platform to its partner banks, providing them with access to markets and to liquidity across Europe, and competitive savings and investment opportunities to its customers, who can select from Raisin’s 250 plus savings products. Partner banks can also offer their own customers a one-stop-shop savings and investments portfolio directly integrated in their web and mobile interface, enabled by Raisin technology and offers. The customer experience for savers is convenient and user-friendly — and strengthens the relationship to their primary bank.

The opportunity that Raisin addresses lies in the retail savings market, often considered the beating heart of economies, where deposits are matched with credit through retail banks. In Europe, according to the European Banking Federation¹ the total deposits of businesses and households in 2017, across more than 6,250 institutions, was approximately €16.3 trillion.

Raisin’s solution aligns with Orange’s strategic objectives, particularly in mobile financial services, where the group has two key strong initiatives with Orange Bank in Europe and Orange Money in Africa. These both aim at serving the customer with the best products and a differentiated customer experience, to improve customers’ management of their financial affairs. Orange has a strong open innovation DNA, which leads the company to connect with cutting-edge start-ups, in order to make the most of new technologies and business models. Moreover, Raisin and Orange will mutually benefit from each other’s technological assets and the European go-to-market and fintech ecosystems — aiming at the same goal: changing the banking market.

“Orange Digital Ventures has been impressed by Raisin’s team, vision and achievements and is now pleased to participate in Raisin’s quest to become the leading global financial marketplace for savings and investment products. ODV will bring all its support to Raisin’s expansion into new markets and product development,” said Marc Rennard, Chairman of Orange Digital Ventures.

Dr. Tamaz Georgadze, co-founder and CEO of Raisin, added: “We are delighted to welcome Orange Digital Ventures as one of our investors. It’s particularly exciting for us because Orange has a proven track record, as both a successful international mobile operator and an accomplished financial technology provider. In addition to the investment, we do see potential synergies and concrete partnership opportunities with Orange Bank.”

¹ https://www.ebf.eu/ebf-media-centre/banking-in-europe-ebf-publishes-2018-facts-figures/
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)