Online savings marketplace Raisin has received an investment of €25 million from Goldman Sachs, taking its total investment to €195m and making it the best-funded tech start-up in the savings and investment area in Europe.
With the new funding, Raisin plans to build its stateside presence to prepare a 2020 launch in the $12.7 trillion US savings market, as well as enter two new European markets within 2019.
The firm, which was launched in Berlin in 2013 and has since brokered €14 billion for more than 185,000 customers across the European continent, also aims to further advance its technology, acquire top-notch talent, and broaden its product portfolio.
Raisin CEO and co-founder, Dr. Tamaz Georgadze, said: “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.”
Raisin acquired Manchester-based PBF Solutions in 2017, rebranding that organisation to Raisin UK. It has now appointed Steven Amos as its new chief commercial officer for the UK.
Amos has previously worked for the Islamic Bank of Britain (now Al Rayan), Aldemore Bank and Together, where he consolidated and rebranded the group’s 20-plus small brands into one large consumer-facing brand.
Kevin Mountford, UK CEO of Raisin, said: “Since launching into the UK market last year, Raisin has seen phenomenal growth, now with nine partner banks offering over 20 savings products, we’re at a pivotal time as we look to enter the next phase of the business in the UK.
“Steven brings a wealth of strategic experience that will allow Raisin to continue to grow and succeed as we place further place customers and innovative products at the heart of everything we do”.