SavingGlobal, a Berlin, Germany-based an online marketplace for savings accounts, raised €7.5m in funding.
The round was led by Index Ventures.
The company intends to use the funds to grow in the German market and expand across Europe.
Led by Tamaz Georgadze, CEO and co-founder, and newly appointed Katharina Lüth, who will co-lead the European expansion, and Dr. Philipp Hartmann, who will join as VP Product, SavingGlobal (www.weltsparen.de) offers a platform to enable German savers to increase deposit yields from an average of 0.6% to up to 3.3% annually. All products available on SavingGlobal are offered through banks based in Europe, which gives benefit from the EU-wide harmonized deposit insurance scheme.
The platform currently offers its savers three deposit products from two European bank partners: Bulgaria’s Fibank and Banco Espírito Santo from Portugal. Both banks are the second largest financial institution in their respective markets and are publicly listed. The company has also recently signed three new agreements with banks from the UK, Norway and Poland to offer their deposit products exclusively to German customers.