Fintech company Deposit Solutions raises $20 million from existing investors

jkeane90@gmail.com

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.

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.