Open banking platform Deposit Solutions gets $100m funding
German open banking platform Deposit Solutions has secured $100 million in funding.
Welcome to “financial firepower”
The round was led by private equity firm Vitruvian Partners. Vitruvian was joined by Kinnevik and existing shareholders including Deposit Solutions’ first institutional shareholder e.ventures. This latest funding values the company at $500 million.
Dr. Tim Sievers, CEO and founder of Deposit Solutions, says the “financial firepower will help us achieve our mission of making open banking the new standard for the global $50 trillion market for savings deposits”.
Deposit Solutions says it offers its Banking-as-a-Service model to banks so they can connect to the platform and gain access to deposit funding from the clients of other points of sale (POS) in different markets without having to set up and operate their own deposit infrastructure for these customers.
As part of its service, the company also operates its own proprietary POS under the brands of Zinspilot and Savedo, which market the deposit offers of its partner banks directly to savers.
According to Deposit Solutions, it now connects more than 70 banks from 16 countries to more than 30 million savers, including financial institutions such as Deutsche Bank and Fidelity’s FFB.
It says Zinspilot and Savedo have more than doubled the total volume in transmitted deposits within the past nine months to more than €9 billion. Its customer base has grown to over 155,000 customers in the same period.
Founded in 2011, the company is headquartered in Hamburg, and has additional offices in London, Zurich and Berlin and employs a team of 250.
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