Deposit Solutions, the Open Banking platform for deposits, has closed an investment round led by existing shareholders e.ventures and Greycroft. The total investment amounts to $20 million and will be deployed to further accelerate platform growth and international expansion.
“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 founder and CEO Dr. Tim Sievers said.
Deposit Solutions operates the first Open Banking platform for savings deposits. Its APIs allow any bank to easily connect to and benefit from its 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 partnered with more than 50 banks from 16 countries across Europe, including Deutsche Bank and FFB, the German subsidiary of Fidelity. Deposit Solutions also markets selected deposit offers from partner banks directly to savers through its own retail channels ZINSPILOT and SAVEDO.
“Deposit Solutions started to build its open banking infrastructure long before fin-tech even became a household name and has consistently pursued its vision of transforming the 10 trillion Euro deposit market ever since,” e.Ventures managing partner Andreas Haug said (e.Ventures has invested in every round). “We are very excited and proud to continuously support Deposit Solutions in its growth and international expansion.”