Deposit Solutions hits €25bn milestone as savers seek safety

CEO Dr Tim Sievers says US expansion is still on the cards for 2020.

Savings marketplace Deposit Solutions this morning said it hit two key milestones, including €25bn in transmitted deposits by savers.

The milestone means that Deposit Solutions has helped file some €9bn in the last 12 months alone since announcing its last €16bn milestone.

CEO and founder Dr Tim Sievers said the growth had been driven by the onboarding of now 150 partner banks, including the likes of German banking giant Deutsche Bank which rolled out Deposit Solutions’ marketplace to even more customers earlier this month.

Sievers teased that now Deposit Solutions is operating in 20 European countries, US expansion is now on the cards for 2020.

"Our goal is to set a new market standard with our Open Banking platform. With 20 active countries in Europe, we are already well on the way to achieving this, and we’re planning to start with the same mission in the USA later this year.”

Deposit Solutions operates a savings marketplace of deposit accounts from banks across Europe, letting customers pick the best rates wherever they are.

“We offer banks a new, open infrastructure for their deposits business, without entering into competition with them. The ever-increasing volumes of deposits our partners place through our platform shows they see a benefit in our solution,” said Sievers.