German fintech startup Raisin secures 25-mln-euro investment by Goldman Sachs

Source: Xinhua| 2019-07-17 00:13:52|Editor: yan
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BERLIN, May 16 (Xinhua) -- U.S. investment bank Goldman Sachs has invested 25 million euros (28.1 million U.S. dollars) in the German fintech startup Raisin, the Berlin-based startup announced on Tuesday.

"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," said Tamaz Georgadze, chief executive officer (CEO) of Raisin.

A Raisin spokesperson confirmed to Xinhua that Goldman Sachs is obtaining "a small single-digit percentage" stake in Raisin, an online platform that connects customers and banks without access to private banking.

Since its launch in 2013, Raisin has brokered 14 billion euros for more than 185,000 customers and is currently offering savings products from 80 European "partner banks", according to Raisin.

"We are excited to support the company's outstanding management team in executing their vision," said Rana Yared, managing director of Goldman Sachs Principal Strategic Investments.

Back in February, the German startup had closed another funding round of around 100 million euros with its investors PayPal, Ribbit Capital and Thrive Capital. The German fintech startup also announced to expand into "two other European markets" as well as to the U.S. market.

With the new investment by Goldman Sachs, the total volume of primary investment at the German fintech is amounting to 195 million euros, putting Raisin in a "leading position" among the "best funded tech startup in the savings and investment area in Europe", according to the company.

Raisin is the second German fintech which has won Goldman Sachs as an investor recently. Elinvar, a digital platform for private banks and asset managers obtained more than 20 million euros from the U.S. investment bank in in mid-May.

In the largest funding round of a German fintech in 2019, smartphone bank N26 received 300 million euros in January. Last week, N26 launched its beta-version of its online banking app in the U.S.

All three German fintech startups are headquarters in Berlin.