Deposit Solutions expands Open Banking platform to US

By Daniel Lanyon on 21st November 2018

Challenger Banks

The firm, which is based in Germany, has surpassed €10bn savings deposits across its European B2C channels since launching in 2011.

Deposit Solutions expands Open Banking platform to US

Deposit Solutions, an Open Banking platform focused on the savings market, is expanding its operations to the US market. 

The firm has developed a Banking-as-a-Service model connecting banks to deposit funding from the clients of other Points-of-Sale in different markets without having to set up and operate their own deposit infrastructure for these customers.

As part of its service, Deposit Solutions also operates ZINSPILOT and Savedo as its own proprietary Points-of-Sale, which market the deposit offers of its partner banks directly to savers.

The platform can also be integrated into banks' own ecosystem providing customers with a selection of third-party deposit products.

Based in Germany, one of the largest savings markets in the world, but with a base in the UK and additional offices in Zurich and Berlin, Deposit Solutions now employs a team of over 250. Its latest international expansion comes at the same time that it has passed €10bn in transmitted deposits through its direct B2C brands ZINSPILOT and Savedo.

The firm has appointed Philipp von Girsewald, who previously held several senior positions at Deutsche Bank, including Global Head of Regulatory Strategy, as CEO USA to lead the company’s expansion into the US.

Tim Sievers, CEO and founder of Deposit Solutions said: “We have spent more than one year carefully preparing our US market entry and I am glad that we can now take the signing of our first partner bank for our US platform as the occasion to announce this important step. The expansion into the United States is another milestone on our way to establish our Open Banking technology as the new industry standard for the $50trn global savings deposits market.”

Deposit Solutions recently banked a $100m investment round led by private equity firms Vitruvian Partners and Kinnevik as well as existing shareholders, valuing the company at £500m. It is backed by Vitruvian Partners, Kinnevik, e.ventures, Greycroft, FinLab, Peter Thiel, Top Tier Capital Partners, Apeiron Investment Group and Angel Investor Stefan Wiskemann.

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