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Grape, the pan-European fintech market for savings and investment products, has announced that it has raised $ 114 million in Series D funds. Existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital all participated in the round, bringing the total funds raised to date to $ 200 million.
Significantly, Berlin's fast-growing fintech plans to use new capital for "strategic acquisitions" and increased internationalization. Although available from the start for customers from all over the EU, Raisin Last year, dedicated market launches took place in the Netherlands and the United Kingdom, which allowed the company to expand beyond Germany. It plans to add at least two additional international markets this year.
Originally founded in 2013, Raisin aimed to open the savings deposit market in Europe by taking advantage of European-wide banking regulation, which in some way leads to to the creation of a single market for financial services. Specifically, the problem solved by the start-up is that deposit savings rates differ not only from one local banking offer to another, but more visibly across Europe.
The Raisin marketplace allows you to shop around and compare different rates across Europe. However, the main difference compared to a comparison site lies in the fact that, via its own banking partner, the company offers consumers a unique interface including account opening and anti-money laundering controls. 39, which facilitates conversions and constantly guarantees the obtaining of a competitive rate of interest.
For banks that enter the Grape Market, especially small and medium-sized banks, they are exposed to European customers who otherwise would never be reached. This also gives them potential access to many more deposits, which helps them in their own lending and scale operations on the balance sheet.
To this end, Raisin said he has negotiated more than $ 11 billion in deposits for his 62 partner banks. It claims more than 160,000 customers from 31 different European countries and indicates that to date Raisin has helped savers to earn $ 90 million in interest.
Mr Raisin added that the new "injection" of capital would allow fintech to strengthen its position as an online platform par excellence allowing Europeans to access the "single financial market" for money. saving.
Dr. Tamaz Georgadze, CEO and co-founder of Raisin: "We want to overcome unnecessary obstacles to profitable savings and share the benefits of open markets – with consumers and banks. Our main objective is to provide savers and financial institutions "Schengen experience" in the banking sector. Our first five years show that Raisin represents the savings and investment of the future. "
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