American investor/entrepreneur Peter Thiel, the co-founder of companies like PayPal and Palantir (and an early backer of Facebook), certainly has an appetite for pumping money into German startups, particularly in the hot fintech space.
Thiel has invested €1 million in Hamburg-based Deposit Solutions, as part of a €6.5 million funding round led by FinLab and German business angels Stefan Wiskemann (21Publish), Stefan Glänzer (Passion Capital) and Christoph Linkwitz.
Deposit Solutions essentially allows people to use banking products from multiple financial institutions without having to switch banks. Since its start in 2011, Deposit Solutions says it has brokered deposits amounting to over €1 billion to date. The fresh cash should allow the company to roll out Europe-wide.
In the past, Thiel has invested in the likes of EyeEm and other German fintech startups such as Number26 and Kreditech. Thiel has also invested in UK-based TransferWise and DeepMind, an AI startup that was acquired by Google back in 2014.
Image credit: Dan Taylor from Heisenberg Media / Flickr