Open banking platform Deposit Solutions secures USD 100 mln funding

Friday 17 August 2018 10:49 CET | News

Deposit Solutions, a Germany-based open banking platform, has secured USD 100 million in funding round led by private equity company Vitruvian Partners.

The funding will help the company achieve its goal of making open banking the new standard for the global USD 50 trillion market for savings deposits, according to Banking Technology.

Deposit Solutions offers its Banking-as-a-Service model to banks so they can connect to the platform and gain access to deposit funding from the clients of other points of sale (POS) in different markets without having to set up and operate their own deposit infrastructure for these customers.

As part of its service, the company also operates its own proprietary POS under the brands of Zinspilot and Savedo, which market the deposit offers of its partner banks directly to savers. The company connects more than 70 banks from 16 countries to more than 30 million savers, including financial institutions such as Deutsche Bank and Fidelity’s FFB.

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Keywords: Open Banking, Deposit Solutions, Germany, Vitruvian Partners, bank, POS
Countries: World