Germany-based European savings and investment marketplace Raisin has entered the US market just months after closing its $114m Series D.
The WealthTech company has also appointed Paul Knodel as its US CEO. Prior to this position, Knodel served in executive and senior management positions at Citigroup and Merrill Lynch as well as FinTech companies TD Ameritrade, E-Trade and robo-advisor Wealthfront. Most recently, he led the extension of Wealthfront solutions to cash savings.
Raisin hopes to help US consumers earn much more on their cash savings. Its launch into the US is being supported by the German government US-based accelerator program after it was one of the 12 German startups selected to receive support moving into the US market.
Founded in 2012, Raisin is an online marketplace which helps users compare deposit products from all across Europe. The platform also offers diversified, cost-effective ETF portfolios.
In a blog post Raisin said, ?The typical American consumer earns 0.01 percent interest on their savings and, while opportunities exist globally to earn up to 270 times higher interest, the logistical hurdles to doing so are often too great. Raisin addresses exactly this issue, making the range of offers transparent and creating convenient and simple access to the best rates on the market.p>
Earlier in the year, the WealthTech company closed its Series D round on $114m, with investments coming from Index Ventures, PayPal, Ribbit Capital and Thrive Capital. The funds were raised to support strategic acquisitions and the internationalisation of the platform following successful launches in 2018 to the UK and the Netherlands.
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