Deposit Solutions said Nov. 30 it raised a $20 million funding round led by existing shareholders e.ventures and Greycroft. Deposit Solutions, of Hamburg, Germany, provides an open banking platform for deposits.
Open Banking pioneer Deposit Solutions closes investment round after another year of record growth
- Existing shareholders invest a total of USD 20 million
- Additional investment underlines strong performance and high growth potential
- Funding for further acceleration of international roll-out of Deposit Solutions’ unique Open Banking platform
HAMBURG, 30 November 2017 – Deposit Solutions, the Open Banking platform for deposits, today announces that it has closed an investment round led by existing shareholders e.ventures and Greycroft. The total investment amounts to USD 20 million and will be deployed to further accelerate the growth and international expansion of Deposit Solutions’ Open Banking platform.
Dr. Tim Sievers, CEO and founder of Deposit Solutions, said: “This investment round is a strong vote of confidence from our shareholders and allows us to further focus on our core mission, establishing Open Banking as the new industry standard for the deposit market.”
Deposit Solutions operates the first Open Banking platform for savings deposits. Its APIs allow any bank to easily connect to and benefit from its unique solution, either by sourcing deposits to deepen and diversify their funding base or by offering their own clients a choice of attractive deposit products from other banks through just one master account.
Since its foundation in 2011, Deposit Solutions has successfully established its unique Open Banking solution by partnering with more than 50 banks from 16 countries across Europe, among them reputable industry leaders such as Deutsche Bank and FFB, the German subsidiary of Fidelity. In addition, Deposit Solutions markets selected deposit offers from partner banks directly to savers through its own retail channels ZINSPILOT and SAVEDO. With over 85,000 retail customers, Deposit Solutions’ B2C offering alone is among the fastest growing fintech businesses in the world having transmitted deposits close to EUR 4 billion within two years.
Andreas Haug, Managing Partner of e.Ventures, who was the first venture capital fund to invest in Deposit Solutions in 2012 and has continued to back the company in every funding round since, said: “Deposit Solutions started to build its open banking infrastructure long before FinTech even became a household name and has consistently pursued its vision of transforming the 10 trillion Euro deposit market ever since. We are very excited and proud to continuously support Deposit Solutions in its growth and international expansion.”
About Deposit Solutions
Deposit Solutions is a globally recognized FinTech company that is transforming the 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 through the clients‘ 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 more than 50 banks from 16 countries across Europe. In addition, the firm operates its own retail brands ZINSPILOT and SAVEDO, which market select deposit offers of its partners directly to savers. Its retail brands alone have already mediated close to 4 billion euros in deposits within two years, while adding more than 85,000 registered clients, making Deposit Solutions one of the fastest growing FinTech companies in the world. The company is headquartered in Hamburg, Germany, and operates subsidiary companies with local offices in Berlin, London and Zurich. Founded in 2011 by Tim Sievers, the firm today employs a first in class team of more than 200 highly qualified employees. Deposit Solutions is backed by leading tech investors such as Peter Thiel, e.ventures, Greycroft, FinLab, Valar Ventures, Apeiron Investment Group and Stefan Wiskemann.
For further information please visit: www.deposit-solutions.com