Fintech Raisin has announced that Orange Digital Ventures is participating in their €100m Series D fundraising round alongside existing investors Index Ventures, PayPal, Ribbit Capital, and Thrive Capital.
Orange Digital Ventures is the VC branch of Orange, one of the largest telecommunications companies in the world. Orange had sales of €41 billion in 2018 and 149,000 employees worldwide.
Orange Digital Ventures (ODV) is a €150 million early-stage tech fund which invests globally. It finances disruptive start-ups in the fields of connectivity & networks, enterprise SaaS, Fintech and Internet of Things.
Raisin is an interesting pan-European savings marketplace that allows savers to seek the best savings rates regardless of geography with its “deposit-as-a-service” platform.
Raisin said the additional capital will allow it to expand its core service in at least two additional European markets this year and extend its line of investment products.
Currently, Raisin claims partnerships with more than 75 banks from 24 countries, and over 175,000 users in 31 countries and €12 billion brokered deposits. Customers may select from Raisin’s 250 plus savings products.
Marc Rennard, Chairman of Orange Digital Ventures, said they were impressed by Raisin’s team and vision.
“ODV will bring all its support to Raisin’s expansion into new markets and product development,” said Rennard.
“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.”
In Europe, according to the European Banking Federation, the total deposits of businesses and households in 2017, across more than 6,250 institutions, was approximately €16.3 trillion. This is Raisin’s target market.
Raisin said its strategy aligns with Orange’s strategic objectives, particularly in mobile financial services, where the group has two key strong initiatives with Orange Bank in Europe and Orange Money in Africa.