German savings marketplace Raisin eyes U.S. launch

FRANKFURT, May 21 (Reuters) - German fintech Raisin, a savings and investment marketplace backed by Paypal, said on Tuesday it plans to launch in the U.S. market as it seeks to attract savers to higher-yielding deposits offered by its banking partners.

Founded in Berlin in 2013, Raisin has brokered 13 billion euros ($14.5 billion) in deposits for banks that include Germany’s Commerzbank and N26, and recently launched an investment fund product in partnership with Vanguard.

Raisin said it had hired Paul Knodel, a veteran of Citigroup and Merrill Lynch, to lead its U.S. push.

The startup has raised $200 million in funding from its investors and recently bought a German bank.

$1 = 0.8969 euros Reporting by Douglas Busvine; editing by Jason Neely