Deposit Solutions is a Hamburg-based fintech that operates an open banking platform enabling banks to offer third-party deposit products and source deposits for their balance sheets. Nearly 100 banks across 18 countries use its platform to either offer clients deposit products from other banks or to source deposits. The company said Deutsche Bank has acquired roughly a 4.9% stake in Deposit Solutions in a transaction reported to value the startup at about €1 billion, though terms were not disclosed and the company did not confirm the report. Deutsche Bank said the investment is financially driven to benefit from expected valuation growth rather than a strategic acquisition, and Deposit Solutions noted this is the first time a client has become a shareholder. Deposit Solutions previously completed a $100 million financing round a year earlier; the reported €1 billion mark would be roughly twice the valuation it fetched then. CEO Tim Sievers said the company is expanding internationally and is eyeing the United States in the coming months, and the startup has been used by Deutsche Bank since 2017 for its “Zinsmarkt” offering. Deposit Solutions provides a proprietary open banking technology platform that connects savings deposits across banks. Its platform already links more than 70 banks in 16 countries and it operates B2C points-of-sale ZINSPILOT and SAVEDO to market partner deposit offers directly to savers. The company was founded in 2011 by Tim Sievers and has additional offices in London, Zurich and Berlin. Deposit Solutions employs a team of about 250. The company intends to use new funds to continue developing and expanding the reach of its platform. The recent financing values the company at over $500 million. Deposit Solutions operates an Open Banking platform for savings deposits, offering APIs that allow banks to source deposits or offer partner banks' deposit products through a single master account. Led by CEO and founder Dr. Tim Sievers, the company was founded in 2011 and is based in Hamburg, Germany. It has partnered with more than 50 banks across 16 European countries, including Deutsche Bank and FFB, and markets selected deposit offers directly to savers via its retail channels Zinspilot and Savedo. The company runs subsidiaries with local offices in Berlin, London and Zurich and employs a team of more than 200 people. Deposit Solutions plans to use the new funding to accelerate growth and further international expansion of its platform. Deposit Solutions operates the first open-architecture platform for retail savings deposits in Europe, enabling banks to list deposit offers that other banks can market to their clients without requiring new accounts. The company also runs a B2C retail brand, ZINSPILOT, which is mediating more than €100 million of retail deposits per month. The platform has secured integrations with partners including Deutsche Bank, JDC Group, flatex and others, and has expanded into the UK and Switzerland. The business targets a roughly €9 trillion European retail deposits market and uses proprietary technology to connect banks and savers. Deposit Solutions will use the new funding to further develop its technology platform, expand its organizational structure and accelerate international roll-out; it plans to increase employees at its UK HQ and to launch its UK retail platform in 2017. The company’s valuation after the round is €110 million, up from prior investment activity including a €6.5 million round the previous year. Deposit Solutions operates an open architecture platform for retail deposits across Europe, based in Hamburg. Its proprietary technology enables product banks to list savings offers on the platform and allows client banks to market those offers to their customers without requiring new accounts. The company also operates a retail brand, ZINSPILOT, launched in 2014 to market platform-listed savings offers directly to German savers. In August 2016 Deposit Solutions raised €6.5M in funding to support growth. The company plans to use the funds for a European-wide rollout of ZINSPILOT. Deposit Solutions is led by founder Tim Sievers.

Total raised

$144M

Funding rounds

5

Latest round

Equity

Latest activity

Aug 2018