Raisin, a German fintech business that lets people invest in savings accounts across Europe, announced on Wednesday that it has passed €3 billion (£2.5 billion) invested across its platform.
It means the fast-growing startup, founded in 2013, has seen €1 billion (£840 million) of investment in just 4 months. Berlin-based Raisin said it had hit €2 billion (£1.6 billion) of investment in January. At the time, Raisin’s head of Europe Katharina Lueth told Business Insider she expected the company to do its third billion “in the first half of this year for sure.”
Leuth told BI this week: “The growth actually comes from both factors: on the one hand side customers are continuing to invest more and more money as their experience with the platform grows. And additionally, new customers are signing up at a significant speed.”
Raisin now has around 75,000 customers, up from 60,000 in January. The startup lets customers across Europe invest in savings accounts around the EU that offer the best interest rates. Formerly known as WeltSparen, it does not hold customer money and instead opens an individual account for each saver with the corresponding account. Raisin currently has a German, English, Spanish, and French-language version of its service.
Raisin currently offers 146 savings products across 15 countries and on Wednesday also announced that it had signed up the 30th bank to its platform, Banco Português De Gestão (BPG) from Portugal. Banks on the platform get more diversified forms of funding.
Tamaz Georgadze, CEO of Raisin, says in a release announcing the €3 billion milestone:
“While interest rates are constantly decreasing throughout Europe, our clients still have the opportunity to obtain the best offers. Apparently, this information is spreading – more and more people trust our offer and invest more money.”
Raisin plans to continue to expand across Europe and launch a savings product for SMEs later this year. The company raised €30 million (£25.1 million) from US venture capital fund Thrive in January and has raised over €55 million (£46.1 million) to date.
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