100 million euros were put by investors into WeltSparen, a German fixed-interest portal. (picture alliance/Wolf von Dewitz/dpa/archive)
Investors from PayPal, Ribbit Capital and Thrive Ventures have put 100 million euros (114 million dollars) into the German fixed-interest portal WeltSparen, the Berlin-based company announced on Wednesday.
Raisin, which operates the platform, intends to use the funding to expand outside Germany and for new products.
The funding reveals a trend, where savers reluctant to put money into high-risk investments, such as shares, seek higher fixed-interest returns thatare currently available in Germany.
Via WeltSparen, Raisin acts as go-between for better rates on money markets, with 62 banks in countries like Italy, Portugal, Cyprus and Bulgaria.
Since its launch five years ago, Raisin has placed more than 10 billion euros with its partner banks in Europe, according to its statement.
Last year, Raisin launched interest portals in the Netherlands and Britain, with the intention of expanding to two more countries this year.
The new round of financing has boosted invested capital in Raisin to 170 million euros.
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