Orange joins Raisin’s €100m Series D investment round
Orange Digital Ventures has joined the €100 million Series D investment round for pan-European savings marketplace Raisin, reports Jane Connolly.
Existing investors Index Ventures, PayPal, Ribbit Capital and Thrive Capital also participated in the round. The funds will enable Raison to expand its core service in at least two European markets this year and extend its line of investment products.
Orange’s strategic objectives for mobile financial services include two key initiatives with Orange Bank in Europe and Orange Money in Africa. The two companies plan to benefit from each other’s technological assets, while aiming to change the banking market.
“Orange Digital Ventures has been impressed by Raisin’s team, vision and achievements and is now pleased to participate in Raisin’s quest to become the leading global financial marketplace for savings and investment products,” says Marc Rennard, chairman of Orange Digital Ventures. “ODV will bring all its support to Raisin’s expansion into new markets and product development.”
Raisin CEO and co-founder Dr Tamaz Georgadze says: “It’s particularly exciting for us because Orange has a proven track record, as both a successful international mobile operator and an accomplished financial technology provider. In addition to the investment, we do see potential synergies and concrete partnership opportunities with Orange Bank.”
With over 75 partner banks, Raisin offers at least 250 savings products to more than 175,000 users in 31 countries. The platform provides banks with access to markets, liquidity across Europe and the opportunity to offer a one-stop-shop savings and investments portfolio directly integrated in their web and mobile interface.
