Overnight Money Platform
Berlin fintech Raisin suddenly no longer a unicorn – that's the reason
Once over the billion mark and back: An investor drastically corrects Raisin's valuation downwards. But that could change again soon.
Raisin founders Michael Stephan, Tamaz Georgadze and Frank Freund (from left).
Raisin
For years, the valuations of many fintechs only knew one direction: up. Now the Berlin interest and overnight money platform Raisin has to accept a significant discount in the company valuation, as the industry portal Finanz-szene.de reports. According to this, the Raisin investor Kinnevik values his roughly two percent stake in the fintech in its most recent annual report at the equivalent of “only” 17.9 million euros. For comparison: According to Finanz-szene.de, Kinnevik had a value of 23.6 million euros last December – a good quarter more than now. Extrapolated to 100 percent, Raisin would currently be valued at roughly 895 million euros.
The Berlin fintech has lost its unicorn status for the time being, the portal continues. Industry insiders had previously valued Raisin at more than one billion euros. However, Raisin himself never publicly commented on his rating. Due to the merger with the equally highly rated Hamburg competitor Deposit Solutions a good year ago, the portal deutsche-startups.de even assumed a valuation of over two billion euros.
Is Raisin's growth engine stuttering?
According to Finanz-szene.de, the fact that Raisin has lost value can also be explained by current business developments: The fintech is said to have not grown as strongly as planned in the past year. In addition, a round of financing originally planned for last year is still pending. Finanz-szene.de sees another indication of the devaluation of Raisin in the fact that the number of employees has recently decreased. This fits in with the fact that the fintech is currently looking for subtenants for parts of its office space at its headquarters in Berlin Kreuzberg.
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However, it is quite possible that the fintech will soon regain its unicorn status. One reason could be the rising interest rates. The higher the interest rates for call money accounts, the more likely customers are to choose the appropriate products. Since Raisin or its main brand Weltsparen enables money to be invested in overnight money accounts with banks in Germany and other European countries, demand for the fintech could soon increase.
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Berlin fintech Raisin suddenly no longer a unicorn – that's the reason
