More than €5 billion has been invested using PayPal-backed German savings platform Raisin

Raisin’s cofounders, from left: Michael Stephan, Tamaz Georgadze, and Frank Freund.Raisin

• Raisin lets people put money into savings accounts across Europe from one platform.
• The four-year-old startup said on Thursday that €5 billion has now been invested using its platform.

LONDON — German fintech business Raisin on Thursday said that more than €5 billion has now been invested using its savings tool.

Raisin, launched in 2014, lets people invest in savings accounts across Europe from one platform. It has over 40 banks on its platform and said on Thursday that it now has 100,000 customers.

Deposits made across its platform more than doubled in 2017, rising from €2 billion at the start of last year.

CEO Tamaz Georgadze said in a statement: “In times of negative interest rates, many banks are not interested in their customers’ deposits and therefore offer them zero or even negative interest rates. We are pleased to be able to offer savers throughout Europe an attractive alternative.”

The highest interest currently offered on Raisin’s platform is 1.92% from a Czech bank.

Raisin is available in English across Europe and has localized platforms in Germany, Austria, Spain, and France. The company has raised over €60 million in funding to date from investors including Silicon Valley’s Ribbit Capital, New York tech fund Thrive Capital, and PayPal.