Deposit Solutions said Aug. 14 that it has acquired Savedo. Financial terms weren’t announced. Savedo, of Berlin, provides a platform for retail deposits. Deposit Solutions has raised 25 million euros ($29.5 million) in venture capital funding from investors including Greycroft Partners, FinLab, e.ventures, Valar Ventures and Peter Thiel.
Hamburg, 14 August 2017 – Deposit Solutions, the leading Open Banking platform for deposits and operator of investment platform ZINSPILOT, today announced that it has acquired Berlin-based platform for retail deposits SAVEDO. With the acquisition of SAVEDO, Deposit Solutions is further expanding its B2C capabilities, adding more than 18,000 registered clients, 13 partner banks and two new regions – Austria and the Netherlands – to its existing portfolio.
Founded in 2011, Deposit Solutions offers a unique Open Banking solution for instant-access and fixed-term savings, and has established itself as an infrastructure provider for the European deposit market. More than 30 banks across Europe are already connected to the Deposit Solutions Open Banking platform, among them reputable industry leaders such as Deutsche Bank and FFB, the German subsidiary of Fidelity. In September 2015, Deposit Solutions additionally launched its B2C offering ZINSPILOT to make its innovative solution also available to savers whose home banks haven’t implemented its Open Banking solution yet. Today over 60,000 retail savers use ZINSPILOT to easily access a broad universe of attractive deposit products through a single account.
“Through the acquisition, we plan to further accelerate the international roll-out of our B2C business. SAVEDO is already available in three languages and has won multiple awards for its service-focused and user-friendly platform. We are thrilled to be able to add a strong partner to our B2C offering, with a wealth of international experience, technological know-how and an uncompromising focus on customers,” said Tim Sievers, founder and CEO of Deposit Solutions. “The SAVEDO team has done an outstanding job and we are very much looking forward to working together,” continued Tim Sievers.
Christian Tiessen, founder and CEO of SAVEDO, said: “We are delighted to join Deposit Solutions and its 120 strong team today. This allows us to add significant value for our customers and partner banks. Our customers will gain access to a broad range of additional products and the single-account-technology of Deposit Solutions, while our partner banks will benefit from new channels to market their savings products. In addition to the 60,000 ZINSPILOT savers, SAVEDO’s partner banks can now address millions of bank clients through Deposit Solutions’ Open Banking partnerships.”
Beyond his role as CEO of SAVEDO GmbH Christian Tiessen will take on overall responsibility for the international B2C expansion of Deposit Solutions. SAVEDO GmbH will continue to operate out of its Berlin location. Both parties agreed not to disclose the purchase price.
About Deposit Solutions
Deposit Solutions is a globally recognized FinTech company that is transforming the more than EUR 10 trillion deposit market in Europe. Its ground-breaking Open Banking platform allows banks to offer attractive third-party deposit products to their own clients with their existing accounts. As a result, bank clients can access best in class deposit offers without having to open a new account at another bank, and banks can gather deposits from across Europe without facing the need to build and operate their own deposit infrastructure.
Today, Deposit Solutions is already connecting banks across more than 10 European countries. In addition, the firm operates its own retail brand ZINSPILOT which markets select deposit offers of its partners directly to savers. Since its launch ZINSPILOT alone mediated more than 2 billion euros in deposits in less than 20 months, while adding more than 60,000 registered clients, making Deposit Solutions one of the fastest growing FinTech companies in the world. The company is headquartered in Hamburg, Germany, and now operates subsidiary companies with local offices in London and Zurich. Founded in 2011 by Dr. Tim Sievers, the firm today employs a first in class team of more than 120 highly qualified employees. Deposit Solutions so far has received EUR 25 million in venture capital funding from renowned international investors, among them Greycroft Partners, FinLab, e.ventures, Valar Ventures and Peter Thiel, and was valued at EUR 110 million in the last investment round in July 2016.
For further information please visit: www.deposit-solutions.com