Goldman Sachs has provided €25m of funding to Raisin.
The German fintech will use the investment to build its stateside presence in preparation for a 2020 launch in the US savings market, as well as entering two new European markets in 2019.
Raisin — which has built distribution partnerships with N26, Commerzbank and Yolt, among others — also aims to further advance its technology, expand its workforce and broaden its product portfolio.
Since launching in 2013, the fintech has brokered €14bn for over 185,000 customers across Europe.
“Raisin has developed a unique savings marketplace with a solid business model, impressive growth and a loyal customer base,” said Rana Yared, managing director of principal strategic investments at Goldman Sachs.
“We are excited to support the company’s outstanding management team in executing their vision.”
Dr Tamaz Georgadze, co-founder and CEO at Raisin (pictured above), added: “This investment from such a renowned brand is a very encouraging confirmation for us that our core business, as well as growth strategy, are on the right track.
“We’re really proud to have Goldman’s backing, especially given the expertise in investment products, along with an extraordinary 150-year history and record of success.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Shawbrook names first head of fintech strategy and commercialisation
Shawbrook Bank has named Stuart Doignie (pictured above) as its first head of fintech strategy and commercialisation...
FCA requests further information about overdraft pricing
The FCA has asked major banks to provide evidence of how they arrive at pricing decisions for overdrafts...
Rigour builds resilience
There is a relentless flow of new technologies and development methodologies unfolding on many fronts in the financial services arena...
Enhancing offerings to SMEs with the use of technology
Small- and medium-sized enterprises (SMEs) make up a significant proportion of British businesses...
New digital bank Vive receives banking licence
New digital bank Vive has received its UK banking licence with restrictions from the Bank of England...
Aldermore names Damian Thompson as new group MD for retail finance
Aldermore has named Damian Thompson (pictured above) as its new group managing director for retail finance, subject to regulatory approval...
Tink closes €90m investment round
Tink has completed a €90m (approximately £76.8m) investment round — its largest funding to date — to support its European expansion...
Step back from the hype: what can AI realistically deliver in 2020?
While talk of artificial intelligence (AI) in financial services generates great excitement, it’s important not to get too carried away and caught up in overly ambitious uses of the technology...
Temenos launches microservices architecture tool for large banks
Banking software company Temenos has launched Temenos Transact — a microservices-based architecture tool designed for large banks...
Starling Bank enhances product offering for SMEs
Starling Bank has enhanced its product offering for businesses and sole traders with a range of new features...
2020 vision: Open Banking is open for business
Last year was a major one for Open Banking. September’s PSD2 deadline encouraged banks to accelerate their efforts to become compliant, and while the nuts and bolts of the technology did pose a challenge, the opportunity for both banks and third-party providers (TPPs) has finally come to light...