Existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Ventures all participated in the round.
The new capital will be put toward acquisitions and internationalisation. Following launches in the Netherlands and the UK in 2018, Raisin is planning to add at least two additional markets to its platform this year.
The fintech is based in Berlin, and has a subsidiary in Manchester (UK), and aims to expand its international team and extend its line of investment products.
Raisin also announced that it has brokered more than USD 11 billion in deposits to 62 partner banks and earned savers USD 90 million in earned interest. With Raisin, customers can choose savings and investment products from banks across the continent.
The fintech has a deposits-as-a-service business model, offering banks access to liquidity. Raisin has built Open Banking partnerships this past year with banks like O2 Banking of Telefónica in Germany.
With additional partners such as N26 and the Dutch BinckBank, Raisin implemented integrated savings marketplace solutions, enabling the banks to offer their own customers a portfolio with investment opportunities, selected from Raisin’s products.
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