Most creatives and marketing businesses in the industry use PayPal to transact with clients and partners all around the world. Recently, PayPal-backed German financial technology group has raised $114 million. Together with Index Ventures, PayPal has helped secure the emerging space of Raisin within the wealth and tech industry.
According to Steve O’Hear from Tech Crunch, other existing investors such as Ribbit Capital and Thrive Capital also pooled their resources together to helped raised funding for Raisin, making the total amount raised to $200 million.
What the Company Does
Founded in 2013, Raisin aims to revolutionize the banking industry by taking advantage of the European banking regulations. Through their initiative, customers can open savings accounts in other countries throughout Europe which offer higher interest rates.
Unlike traditional banking systems, however, Raisin provides a smooth and seamless interface for users. Through their site, customers can easily open an account while having the security of being issued anti-money laundering checks, reports Tech Crunch.
What the Funding is For
While the company’s funding coming only second to German financial technology start-up N26, Paul Sawers from Venture Beat notes that Raisin has nothing to worry about. Both companies are working together, allowing a slew of Raisin’s mobile banking customers to access their savings through the N26 app.
With the funding raised by its existing pool of investors, the company hopes to expand their reach this 2019, growing their market influence within Europe first and foremost. Apart from expansion plans, Nicholas Megaw of Financial Times reports that the business would use the funding for strategic acquisitions.
