Berlin fintech company Savedo acquired by Peter Thiel-backed Deposit Solutions

Berlin-based fintech company Savedo has been acquired by Deposit Solutions, an open banking platform backed by Peter Thiel. No terms were disclosed.

Deposit Solutions, based in Hamburg, develops a savings infrastructure platform for banks and ZINSPILOT, a savings product for customers.

The acquisition of Savedo, a marketplace for savings deposits, will bolster the company’s B2C efforts, said Tim Sievers, CEO of Deposit Solutions. “Through the acquisition, we plan to further accelerate the international roll-out of our B2C business,” he said.

“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,” added Savedo CEO, Christian Tiessen. “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.”

Savedo, which has raised over $7 million in venture funding, will continue to operate in Berlin where Tiessen will oversee Deposit Solutions’ international B2C expansion.