German savings deposit marketplace Raisin has raised $114m in the Series D funding round,  taking the total amount raised to date to $200m.

The company’s existing investors PayPal, Index Ventures, Ribbit Capital and Thrive Capital participated in the latest round.

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Raisin funding round: Future plans

The pan-European fintech marketplace intends to use the money to make strategic acquisitions and support its global expansion.

It aims to launch its platform to at least two new markets this year. Last year, Raisin expanded its business in the UK and the Netherlands.

Additionally, the funding will be used to bolster its global team and enhance its investment product portfolio.

In a statement, Raisin said that it has brokered more than $11bn in deposits for 62 partner banks till date and helped over 160,000 customers from 31 different European countries to earn $90m in interest.

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Raisin CEO and co-founder Tamaz Georgadze said: “We want to break through unnecessary barriers to profitable saving and share the benefits of open markets – with both consumers and banks.

“Our central aim is to give savers and financial institutions the ‘Schengen experience’ for banking.”

The German company aims to create a pan-European marketplace in retail banking. Through its platform, banking customers can select savings and investment products from other lenders across the continent.

The service also provides the banks with an opportunity to attract deposits from foreign customers.

It has seven platforms to connect partner banks.

Recently, Raisin entered into an open banking partnership with Santander Spain.