Germany’s Raisin expands to create first Europe-wide savings marketplace

Berlin-based Raisin announced today that it has launched an ambitious expansion that will make its online savings service available across Europe.

Launched in 2013, the company has, until now, only been available in Germany, where it has already attracted 35,000 customers. The company offers users a choice of saving options from banking institutions across Europe, allowing them to find the highest possible savings rates.

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The expansion is notable because Europe has a fractured set of financial and digital rules governing each country, which often slows the expansion of startups. While the European Union is considering proposals to reform those rules and create a Digital Single Market, Raisin had to overcome huge hurdles to launch this expansion.

“Even on the Internet, it’s very difficult and very, very tedious,” said Tamaz Georgadze, CEO and cofounder of Raisin. “It’s not integrated at all.”

The company was originally called Savings Global. And Georgadze said while the company is still interested in expanding around the world one day, the process of launching across Europe has made it clear that this will have to remain a long-term goal.

Raisin is backed by Index Ventures, Ribbit Capital, and Yuri Milner of DST.