Open banking platform Deposit Solutions has acquired Berlin-based retail deposits platform Savedo. The deal adds more than 18,000 registered clients, 13 partner banks and the regions of Austria and the Netherlands to the Deposit Solutions portfolio.
Deposit Solutions was founded in 2011 and offers Open Banking, a solution for instant access and fixed-term savings. More than 30 European banks including Deutsche Bank and Fidelity subsidiary FFB are connected to the platform.
“Through the acquisition, we plan to further accelerate the international roll-out of our B2C business,” Deposit Solutions CEO Tim Sievers said. “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.”
“We are delighted to join Deposit Solutions and its 120-strong team today,” Savedo founder and CEO Christian Tiessen said. “This allows us to add significant value for our customers and partner banks. Our customers will gain access to a broad range of additional products and the single-account-technology of Deposit Solutions, while our partner banks will benefit from new channels to market their savings products. In addition to the 60,000 Zinspilot savers, Savedo’s partner banks can now address millions of bank clients through Deposit Solutions’ Open Banking partnerships.”
Zinspilot markets select partner deposit offers directly to savers. It has more than 60,000 registered clients and has mediated more than €2 billion in deposits over the past 20 months.
Mr. Tiessen now has overall responsibility for Deposit Solutions’ international B2C expansion.