By Oliver Smith on Thursday 9 April 2020
Over €2.5bn has already been deposited by Deutsche Bank customers.
German banking giant Deutsche Bank has expanded its partnership with Deposit Solutions, rolling out the fintech’s marketplace of high-interest deposit products from across Europe.
To start with, Deutsche Bank’s 7m wealth management clients and branch customers will be able to access this interest rate marketplace, which is branded ‘ZinsMarkt’.
Previously ZinsMarkt, which lists 22 deposit products, was only available to Deutsche Bank’s online customers, but the bank said it will open the service up to even more customers in the future.
Since launching for online customers only, Deutsche Bank has already reported over €2.5bn has been deposited through the marketplace.
“Deutsche Bank’s branch advisors and wealth managers will now be able to directly access products from our platform on behalf of their clients,” said Deposit Solutions CEO and founder Tim Sievers.
“This move will also allow our product banks to reach a new, attractive client segment."
In September Deutsche Bank took a 4.9 per cent stake in Deposit Solutions for a reported €50m and at a valuation of more than €1bn, making Deposit Solutions Germany's second-biggest fintech unicorn after N26.
“Our interest rate marketplace ZinsMarkt is a huge success and proves our platform strategy right,” said Dr. Markus Pertlwieser, chief digital officer at Deutsche Bank Private and Commercial Bank.
“It is time for us now, together with Deposit Solutions, to make ZinsMarkt accessible to broader customer groups.”
The fintech now has more than 100 partners offering its marketplace to their customers, including several in the US, with so far over €20bn transmitted through Deposit Solutions’ platform.