German fintech Deposit Solutions secures $20m
German financial technology company Deposit Solutions has secured new investment of $20m to support growth of its Open Banking platform. The funds came from venture capital firms led by existing shareholders e.Ventures and Greycroft. The Hamburg-based company bought Savedo, a marketplace for savings deposits, earlier this year to strengthen its business to consumer operation. The extra funding will allow Deposit Solutions to expand its services internationally as it seeks to make its platform the industry standard for the deposit market.

Deposit Solutions, a German fintech company, has raised $20 million in a round led by e.Ventures and Greycroft, both existing shareholders.

The new funds will be used to grow the Hamburg-based company’s Open Banking platform for savings deposits for both B2B and B2C services, and to expand internationally. Its APIs allow banks to connect to the platform to build and offer deposit services. It has partnered with more than 50 banks.

“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,” said Dr Tim Sievers, CEO of Deposit Solutions.

The company acquired Berlin startup Savedo earlier this year to improve on the B2C side of its business, which has reached 85,000 retail customers to date.

“Deposit Solutions started to build its open banking infrastructure long before fintech even became a household name and has consistently pursued its vision of transforming the €10 trillion deposit market ever since,” added Andreas Haug, managing partner of e.Ventures, which was an existing investor and backed the company in previous rounds.