Fintech startup Raisin is expanding its online savings platform across Europe, having already brokered €1 billion (£800 million) in Germany, where it operates under the name “WeltSparen.”
Raisin, founded in 2013, announced on Wednesday that it is expanding to 30 more European countries and becoming the first pan-European marketplace for savings.
The company, which employs around 60 staff in Berlin and boasts 35,000 customers, said its platform will give people “hassle-free” access to saving options from banking institutions across Europe, allowing customers to deposit money in accounts with higher interest rates than those available in their home country.
Business Insider spoke to cofounder and CEO Tamaz Georgadze ahead of the announcement.
“Customers from all over Europe will be able to deposit with our partner banks,” said Georgadze, highlighting that it’s virtually impossible for someone in the UK to deposit savings with a bank in another European country. “Markets are separated domestically country by country.”
Georgadze added that Raisin has secured partnerships with 15 banks in 12 countries, including First Bank of Nigeria and AIB.
The European expansion is being fuelled with the €20 million (£16.1 million) that Raisin raised last August. The funding round was led by Palo Alto-based Ribbit Capital and Index Ventures.
Neil Rimer, partner at Index Ventures and one of Raisin’s investors, said in a statement: “Banks across Europe will be for the first time competing for deposits from customers across Europe. More competition means better interest rates for savers and more funding for banks that offer the best rates.”