Peter Thiel-backed fintech startup Deposit Solutions sells 5% stake to Deutsche Bank, reportedly at ‘unicorn terms’

Deutsche Bank has acquired a roughly 4.9 percent stake in Hamburg-based fintech startup Deposit Solutions, which counts Peter Thiel, Greycroft, Kinnevik and among its earlier backers.

Neither company disclosed the exact terms and volume of the investment, but Handelsblatt reported earlier this morning that the deal gives Deposit Solutions a valuation of around €1 billion. That would roughly twice the valuation it fetched in its $100 million financing round a year ago.

The fintech startup declined to confirm the report to, but did say Deutsche Bank’s objective with this investment is to benefit from the expected growth in valuation of Deposit Solutions, i.e. it concerns financially driven decision rather than a strategic one for the bank.

Tim Sievers, founder and CEO of Deposit Solutions, also points out this marks the first time they have ‘allowed’ one of its clients to acquire a stake in the business. Indeed, since 2017 Deutsche Bank has already been operating its “Zinsmarkt” deposit offering using Deposit Solutions technology.

Besides Deutsche Bank, Deposit Solutions says nearly 100 other banks from 18 countries are using its platform either to offer their clients deposit products from third-party banks, or to source deposits for their balance sheet.

Says Sievers: “With our open banking platform we are building the infrastructure for the deposits business of the future. The investment of Deutsche Bank is a milestone for us in two respects. Firstly, the expansion of our platform to include other Deutsche Bank businesses in Germany and abroad will help us grow even faster. Secondly, for the first time a client of ours becomes a shareholder of the infrastructure they use.”

The company is further expanding internationally, eyeing the United States in the coming months.

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