Hamburg-based Deposit Solutions raises $100 million at a $500 million valuation for its open banking platform

Deposit Solutions, a 7-year old fintech company out of Hamburg, Germany, has raised $100 million in a new funding round at a valuation of more than half a billion dollars.

The big round was led by private equity firm Vitruvian Partners, with Kinnevik and existing shareholders such as participating. Peter Thiel has also backed the fintech company in the past, though it is not known whether he participated in this round.

Deposit Solutions aims to revolutionise the deposits industry true an 'open banking' platform and by partnering with banks across the globe.

Deposit Solutions currently connects more than 70 banks from 16 countries to more than 30 million savers through a variety of points-of-sale, including financial institutions such as Deutsche Bank and Fidelity’s FFB. The total volume in transmitted deposits within the past nine months has exceeded €9 billion.

Aside from its HQ in Hamburg, Deposit Solutions boasts offices in London, Zurich and Berlin, and employs a team of 250.

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