Raisin announces €60 million funding
The Berlin-based Fintech Raisin has raised €60 million in a series E funding round, from existing and new investors. The global savings and investment specialist recently exceeded 1 million customers, for which a total of €850 million in interest has been generated since founding the company in 2012. Raisin has been profitable for half a year and currently manages a total of €38 billion Assets under Management (AuM) for customers globally. In the past 6 months alone, AuM grew by more than 30%.
Raisin is experiencing high demand from consumers looking for competitive savings rates, and banks looking for attractive retail funding sources. With the new investment, Raisin aims to give more consumers access to simple and convenient products by investing in new features, even simpler processes and broader accessibility, and to accelerate growth in expanding markets such as the United States, where Raisin entered in 2020 and added over $1 billion AuM in 2022 alone.
Raisin has raised money in this round from two new investors – a global financial services institution and M&G’s Catalyst, a $6 billion purpose-led global private assets strategy – and from existing investors such as Goldman Sachs.
Dr Frank Freund, Chief Financial Officer and Co-Founder of Raisin, comments: “We are delighted to continue our growth trajectory together with our partners and to welcome our new investors in our mission to make money perform better. The investment marks another important step in our objective to provide savers throughout the European Union, the United Kingdom and the United States with straightforward and fair products. As a Fintech pioneer, we provide the infrastructure to democratize the global savings and investments market – benefiting consumers and financial institutions alike. With the new commitment, we will be better positioned to bring value to even more consumers and partners. We are thrilled that we can thereby make a valuable contribution to the functioning and the efficiency of the financial market.”
Niranjan Sirdeshpande, Head of Global Investments for M&G Catalyst, added: “We are excited to be supporting Raisin’s impressive growth story as they seek to improve outcomes for savers of all ages across Europe, the UK and US and reduce barriers and inefficiencies in the financial system.”
Raisin was supported by Goldman Sachs Bank Europe who acted as sole placement agent on the transaction.
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