Hamburg-based fintech company Deposit Solutions acquires competitor Savedo

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Deposit Solutions, a Hamburg-based fintech company which operates the investment platform ZINSPILOT, today announced that it has acquired Berlin-based Savedo – a platform for retail deposits. With this acquisition, 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 fixedterm 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 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. Among the investors of Deposit Solutions is also Paypal co-founder Peter Thiel.

Tim Sievers, the founder and CEO of Deposit Solutions stated: “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.”

Christian Tiessen, founder and CEO of Savedo, commented: “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.”

Beyond his role as CEO of Savedo GmbH Christian Tiessen will take on overall responsibility for the international B2C expansion of Deposit Solutions. Savedo will continue to operate out of its Berlin location. Unfortunately, both parties agreed not to disclose the purchase price.