Goldman Sachs invests $28M in German fintech set for U.S. debut
Raisin, an online marketplace that aggregates high-yield savings accounts and CDs in Europe, announced a $28 million investment from Goldman Sachs as the fintech prepares for a U.S. launch in the next year.
Michael Stephan, the German company’s chief operating officer, said in an interview ahead of the official announcement Tuesday that Goldman’s endorsement gives the fintech more credibility as it seeks bank partners in the U.S.
“Goldman’s reputation will help us as we continue to expand, especially in the United States,” Stephan said. “It’s great to have such a known and strong backer, which has shown to be selective in who they invest in.”
Raisin said in a press release that it will use the funding from Goldman to support its efforts in Europe as well as in the U.S.
“Raisin has developed a unique savings marketplace with a solid business model, impressive growth and a loyal customer base,” Rana Yared, managing director for Goldman principal strategic investments, said in the press release.
Raisin announced in May that it planned to enter the U.S. with a marketplace that has garnered $14.5 billion in deposits brokered across 75 partner banks in Europe since 2013.
Raisin, which also has PayPal has an investor, earlier this year announced a $112.5 million Series D investment round that included Index Ventures, Ribbit Capital and Thrive Capital.
Stephan said Raisin is still on track for an official U.S. debut in the next nine to 12 months.
“To me, as long as we find two or three banks that want to join initially, it’ll be good enough for us to launch because that was our experience in Europe,” he said.
Stephan added that Raisin is in constant discussion with U.S. banks about joining the marketplace and that it expects to move into the next phase of implementation in about two months.