SavingGlobal just raised €20 million in a Series B round led by Palo Alto-based Ribbit Capital and Index Ventures. SavingGlobal runs an online marketplace (starting first in Germany) that lets people access savings products from bank partners in other European countries, without the hassle of opening multiple accounts in various countries.
The problem that SavingGlobal solves for savers is two-fold. First up, the saving deposit rates differ not only from one local bank offer to another but even more strikingly across Europe as a whole. SavingGlobal’s marketplace lets you shop around and compare different rates European-wide. Secondly, whilst the EU is well on its way to a single digital market, this is not always the case when applied to financial services despite quite a lot of European-wide regulation that should in theory make this possible.