Deposit Solutions, an Open Banking platform for deposits and operator of investment platform ZINSPILOT, has acquired SAVEDO, a Berlin-based platform for retail deposits.
With the acquisition of SAVEDO, Deposit Solutions has expanded its B2C capabilities, adding more than 18,000 registered clients, 13 partner banks and two new regions – Austria and the Netherlands – to its existing portfolio.
Founded in 2011, Deposit Solutions offers an Open Banking solution for instant-access and fixed-term savings, and has established itself as an infrastructure provider for the European deposit market. More than 30 banks across Europe are already connected to the Deposit Solutions Open Banking platform, among them reputable industry leaders such as Deutsche Bank and FFB, the German subsidiary of Fidelity. In September 2015, Deposit Solutions additionally launched its B2C offering ZINSPILOT to make its innovative solution also available to savers whose home banks haven’t implemented its Open Banking solution yet. Today over 60,000 retail savers use ZINSPILOT to easily access a broad universe of attractive deposit products through a single account.
“Through the acquisition, we plan to further accelerate the international roll-out of our B2C business. 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,” says Tim Sievers, founder and CEO of Deposit Solutions. “The SAVEDO team has done an outstanding job and we are very much looking forward to working together,” continued Tim Sievers.
Christian Tiessen, founder and CEO of SAVEDO, says: “We are delighted to join Deposit Solutions and its 120 strong team today. 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.”
Beyond his role as CEO of SAVEDO GmbH Christian Tiessen will take on overall responsibility for the international B2C expansion of Deposit Solutions. SAVEDO GmbH will continue to operate out of its Berlin location. Both parties agreed not to disclose the purchase price.