Germany-based Deposit Solutions has acquired fellow fintech Savedo. With the acquisition of Savedo, Deposit Solutions gains 18,000+ clients, 13 partner banks and new regions ‚Äì thus ‚Äúfurther expanding its B2C capabilities‚Äù.
Founded in 2011, Deposit Solutions provides the Open Banking platform ‚Äì for instant-access and fixed-term savings across Europe. The fintech says 30 banks in ten European countries are connected to Open Banking, including Deutsche Bank and Fidelity Investments‚Äô German subsidiary FBB. It employs 120 people.
Deposit Solutions also operates a B2C offering, Zinspilot. It was launched in 2015 for ‚Äúsavers whose home banks haven‚Äôt implemented Open Banking yet‚Äù, the company says. It has over 60,000 retail savers using Zinspilot today, and has ‚Äúmediated‚Äù over ‚Ç¨2 billion in deposits since its launch.
Savedo, too, provides a platform for retail deposits. It is available in three languages and Deposit Solutions hopes it will boost the firm‚Äôs international roll-out.
Christian Tiessen, Savedo‚Äôs CEO, will take on responsibility for the international B2C expansion of Deposit Solutions.
Savedo will continue to operate out of its Berlin location.
Deposit Solutions‚Äô HQ is in Hamburg, and it has offices in Zurich and London. The company has received ‚Ç¨25 million in venture capital funding to date, including from Greycroft Partners, FinLab, e.ventures, Valar Ventures and Peter Thiel). When it held its last investment round in July 2016, it was valued at ‚Ç¨110 million.