Ribbit et al. in €20m series-B for SavingGlobal

José Rojo
07 August 2015

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Fintech-specialist VC Ribbit Capital has joined existing backer Index Ventures in a €20m series-B for German financial marketplace SavingGlobal alongside entrepreneurs Yuri Milner and Tom Stafford.

The stakes to be held by Ribbit and Index remain confidential, but unquote" sources revealed the duo secured a combined shareholding below the 50% threshold.

The fresh funds will assist SavingGlobal as it opens up to customers outside Germany, a move foreseen to take place later in the year. The fintech company, currently working with banks from nine European countries, is aiming to partner with additional banks in its strategy to become a cross-border provider of fixed deposit offers.

Ribbit and Index's capital injection arrives as the startup claims to have managed deposits worth €500m for a 25,000-strong customer base in Germany since it was founded. According to its own estimates, lack of access to competitive banking products abroad led to losses in interest earnings totalling €190bn for savers in the country over the last five years.

According to unquote" data, the transaction marks the second joint foray by Ribbit and Index in the fintech domain in the space of a year. In July 2014, both VCs came together for a $65m series-D for British crowdfunding platform Funding Circle, which had already secured capital from Index during a £2.5m series-A and £10m series-B, in April 2011 and March 2012 respectively.

Previous funding
The funding round for SavingGlobal is the company's second since inception. In June 2014, the startup raised €7.5m from Index Ventures to reinforce its position in Germany and bolster international expansion. The injection, coinciding with a wave of appointments by SavingGlobal, followed the close of Index's €400m seventh early-stage fund, targeting investments in technology companies in Europe, the US and Israel.

Company
Established in 2013, SavingGlobal is a financial marketplace offering customers fixed deposit offers from banks from nine different countries.

The business claims to have surpassed the 25,000 users mark in Germany since foundation and to have secured them a combined €10m in annual savings.

Headquartered in Berlin, the startup currently employs 50 professionals.

People
Ribbit's work on the deal was led by founder Micky Malka, while Index was represented by Neil Rimer. Tamaz Georgadze co-founded SavingGlobal and is the company's current CEO.