Deposit Solutions, the Open Banking platform for deposits, just closed a new investment round led by existing shareholders e.ventures and Greycroft. The new investment amounts to $20 million and will be deployed to further accelerate the growth and international expansion of Deposit Solutions’ Open Banking platform. Among the existing investors of the Hamburg-based fintech startup is also Paypal co-founder Peter Thiel.
Dr. Tim Sievers, CEO and founder of Deposit Solutions, stated: “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 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 (acquired earlier this year). 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 €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.”