Deposit Solutions, the Open Banking pioneer and international platform for savings deposits, announced the closing of a new funding round .
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 in a transaction worth a total of USD 100m, valuing the company at USD 500m.
Dr. Tim Sievers, CEO and founder of Deposit Solutions said:
“We are delighted to welcome Vitruvian and Kinnevik as new shareholders. They are experts in supporting high-growth companies, which makes them ideal partners for us. Their deep industry expertise and financial firepower will help us achieve our mission of making Open Banking the new standard for the global USD 50 trillion market for savings deposits.”
Deposit Solutions’ Open Banking platform transforms the value chain in the savings deposit market to the benefit of banks and savers alike. Banks seeking deposit funding benefit from Deposit Solutions’ unique Banking-as-a-Service model: they can easily connect to the platform and gain access to deposit funding from the clients of other Points-of-Sale in different markets without having to set up and operate their own deposit infrastructure for these customers.
As part of its service, Deposit Solutions also operates its own proprietary Points-of-Sale under the brands of ZINSPILOT and SAVEDO, which market the deposit offers of its partner banks directly to savers. On the other hand, banks and non-bank financial Point-of-Sale owners that want to offer their own customers an attractive choice of deposit products can integrate the platform into their own ecosystem to provide their customers with a selection of third-party deposit products under their existing client relationship.
A spokesperson from Vitruvian Partners said:
“As a pioneer of Open Banking Deposit Solutions has shown remarkable performance in rolling out a true innovation and enabling a marketplace for one of the most important product categories in banking. The company already operates the leading platform for savings deposits in Europe. With our expertise in scaling high growth technology companies we will help accelerate the growth of the business even further.”
Deposit Solutions now connects more than 70 banks from 16 countries to more than 30 million savers through a wide variety of Points-of-Sale including renowned financial institutions such as Deutsche Bank and Fidelity’s FFB. Deposit Solutions’ proprietary Points-of-Sale ZINSPILOT and SAVEDO have also continued to grow exponentially and more than doubled the total volume in transmitted deposits within the past nine months to more than EUR 9 billion. Their customer base has grown to over 155,000 customers in the same period.
Featured image via Freepik