Raisin raises EUR 60 mln in Series E funding

The new round represents Raisin's first return to fundraising for four years after it landed EUR 142 million in 2019. Raisin, using Open Banking, brings competitive savings rates for customers directly as well as through white-labelled integrations with third parties.

Since launching over a decade ago in 20212, Berlin-based Raisin has reached one million customers and EUR 38 billion in assets under management. Although the company says it has been profitable for six months, with assets going over 30% in this period, Raisin has raised the new cash to accelerate its expansion and product launches. 

The money comes from M&G’s Catalyst, a USD 6 billion private assets fund from the asset management giant as well as existing investor Goldman Sachs and an unnamed financial institution. In Germany Raisin also offers ETFs and retirement products as well as private equity and crypto investments.

Raisin works with 400+ banks and financial service providers from 30+ countries.  Alongside the Raisin brand the company operates under the trading names WeltSparen and Zinspilot in Europe and in the USA under the SaveBetter brand.

Raisin acquisitions and partnerships

The Germany-based subsidiary Raisin Bank, a BaaS provider, expanded its payments capabilities after acquiring the payments division of Bankhaus August Lenz back in September 2022. The acquisition allows Raisin Bank to support electronic payment transactions and cash solutions for its partners and customers. The deal also connects Raisin Bank to over 4,500 ATMs throughout Germany.

Raisin Bank offers partners the ability to implement business models that require a banking license. The bank develops customised products for its clients and helps solve regulatory, supervisory, legal, and compliance matters.

The company also helped Ireland-based BaaS provider Wayflyer to expand its flexible revenue-based retail financing to other European markets through their partnership. Wayflyer offers ecommerce businesses a digital option for revenue-based retail financing and has been active in the German market with this business model since September 2022. Raisin Bank already supported more than 50 international fintechs and other financial companies at that time. The bank offers help in the implementation of business models requiring a licence in the areas of loans, factoring, accounts, and payment transactions.

The cooperation enables Wayflyer to provide its services in Germany and to conduct licensable lending business. Raisin Bank acts as a so-called fronting bank: it checks the loan applications, grants the loans, and sells the loan receivables to the refinancing special purpose entity.