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
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...
N26 appoints chief banking officer
N26 has appointed Thomas Grosse (pictured above) as its new chief banking officer...