Raisin, a Berlin, Germany-based financial marketplace that enables savers to access the best deposit rates across Europe, received a strategic investment from digital payments platform PayPal (NASDAQ: PYPL).
The amount of the deal was not disclosed.
The company, which previously raised a total of €60m, with investments from Thrive Capital, Ribbit Capital and Index Ventures, intends to use the funds to funds to accelerate the growth of its core European geographies.
Led by Tamaz Georgadze, CEO, Raisin provides individuals and businesses across Europe with a destination to get access to savings products, ranging from overnight flexible savings to long-term deposits. The company offers its marketplace APIs to banks, wealth managers, and brokers in any country across Europe. Several large financial institutions are currently integrating Raisin white-label services into their desktop and mobile applications.
Currently, 40 banks offer savings accounts through the platform.