Raisin’s Asset Volume Soars to €50 Billion Under Tamaz Giorgadze's Leadership

The German fintech firm Raisin, led by Georgian entrepreneur Tamaz Giorgadze, has seen a remarkable 66% growth in its managed assets over the past nine months, reaching a volume of €50 billion. Giorgadze discussed this accomplishment on his LinkedIn page and referenced an attached article from the Financial Times.

This article also disclosed the addition of Axel Weber, former chairman of UBS and past president of the German central bank, to Raisin’s advisory board. With extensive experience in banking, Weber is slated to assume his new role from December of this year. He is also the leading candidate for the chairmanship of Raisin, potentially succeeding Lado Gurgenidze, the former prime minister of Georgia and early investor in Raisin. Gurgenidze will maintain his advisory board position.

In his dialogue with the Financial Times, Giorgadze emphasized the value of Weber’s decade-long experience in wealth management for Raisin’s growth and diversification. “Currently, while we predominantly operate in the lower market segment, we aim to expand our portfolio to include investment and pension products," he remarked. Although specific financial indicators for Raisin were not disclosed by Giorgadze, the Financial Times estimates the company’s earnings this year to be around $150 million. Since its inception, Raisin has accrued over 1.3 million customers, and the profit on deposits has surpassed €1 billion, roughly €570 million above the market average.

In March 2023, Raisin secured an investment of €60 million from entities including British firm M&G Investments and American banking giant Goldman Sachs. These funds are earmarked to facilitate customer base expansion and bolster the company’s foothold in the U.S. market, which Raisin entered in 2020. By March 2023, Raisin managed over $1 billion in assets in the United States.

Giorgadze revealed that the substantial 66% surge in the company’s assets predominantly originated from regions outside Germany, although he did not specify the contributing countries. Presently, Raisin operates in various countries, including Germany, the United Kingdom, the United States, Austria, Spain, Ireland, France, and the Netherlands.

For context, Raisin is a renowned international financial technology platform founded in 2012 in Germany, simplifying the bank selection process for depositors. The company’s co-founder and chief executive is Georgian entrepreneur Tamaz Giorgadze.