Raisin, the Berlin-based European savings and investment marketplace, today announced that it is entering the U.S. market with the appointment of financial industry expert Paul Knodel as U.S. CEO.
Raisin will bring its cross-border deposits business model to the $12.7 trillion U.S. deposits market. This expansion follows its groundbreaking acquisition of a bank. Raisin is backed by more than $200 million in financing from leading global fintech PayPal, as well as Index Ventures, Thrive Capital, Ribbit Capital and Orange Digital Ventures among others.
Paul Knodel joins Raisin with more than 20 years of experience in executive and senior management positions at Citigroup and Merrill Lynch as well as TD Ameritrade, E-Trade and robo-advisor Wealthfront. Knodel most recently led Wealthfront’s successful extension of its product suite into cash savings.
Raisin will help U.S. consumers earn much more on their cash savings
The typical American consumer earns 0.01 percent interest on their savings and, while opportunities exist globally to earn up to 270 times higher interest, the logistical hurdles to doing so are often too great. Raisin addresses exactly this issue, making the range of offers transparent and creating convenient and simple access to the best rates on the market.
Raisin’s entrance into the U.S. market is being supported by the German government’s U.S.-based 'German Accelerator' program. It was selected as one of 12 top German startups that are looking to bring successful business models to the U.S. market.