HAMBURG, Germany, August 16, 2018 /PRNewswire/ --
- Vitruvian Partners, Kinnevik and existing shareholders invest
USD 100m at a valuation of
USD 500m
- Additional funding cements Deposit Solutions' position as the
leading international platform for savings deposits
- Investment follows another period of record performance for
Deposit Solutions having successfully scaled its core B2B bank
partnerships and transmitted more than EUR 9
billion in its B2C business alone
Deposit Solutions, the Open Banking pioneer and leading
international platform for savings deposits, announced the closing
of a new funding round today. The round was led by private equity
firm Vitruvian Partners. Vitruvian was joined by Kinnevik and
existing shareholders including Deposit Solutions' first
institutional shareholder e.ventures in a transaction worth a total
of USD 100m, valuing the company at
USD 500m.
(Logo:
https://mma.prnewswire.com/media/731146/Deposit_Solutions_Logo.jpg
)
Dr. Tim Sievers, CEO and founder
of Deposit Solutions said: "We are delighted to welcome Vitruvian
and Kinnevik as new shareholders. They are experts in supporting
high-growth companies, which makes them ideal partners for us.
Their deep industry expertise and financial firepower will help us
achieve our mission of making Open Banking the new standard for the
global USD 50 trillion market for
savings deposits."
Deposit Solutions' Open Banking platform transforms the value
chain in the savings deposit market to the benefit of banks and
savers alike. Banks seeking deposit funding benefit from Deposit
Solutions' unique Banking-as-a-Service model: they can easily
connect to the platform and gain access 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
its own proprietary Points-of-Sale under the brands of ZINSPILOT
and SAVEDO, which market the deposit offers of its partner banks
directly to savers. On the other hand, banks and non-bank financial
Point-of-Sale owners that want to offer their own customers an
attractive choice of deposit products can integrate the platform
into their own ecosystem to provide their customers with a
selection of third-party deposit products under their existing
client relationship.
A spokesperson from Vitruvian Partners said: "As a pioneer of
Open Banking Deposit Solutions has shown remarkable performance in
rolling out a true innovation and enabling a marketplace for one of
the most important product categories in banking. The company
already operates the leading platform for savings deposits in
Europe. With our expertise in
scaling high growth technology companies we will help accelerate
the growth of the business even further."
The funding round follows another period of outstanding
performance. Deposit Solutions now connects more than 70 banks from
16 countries to more than 30 million savers through a wide variety
of Points-of-Sale including renowned financial institutions such as
Deutsche Bank and Fidelity's FFB. Deposit Solutions' proprietary
Points-of-Sale ZINSPILOT and SAVEDO have also continued to grow
exponentially and more than doubled the total volume in transmitted
deposits within the past nine months to more than EUR 9 billion. Their customer base has grown to
over 155,000 customers in the same period.
About Deposit Solutions
Deposit Solutions is a globally recognized FinTech company and
the Open Banking platform for deposits. Its proprietary Open
Banking technology provides an infrastructure for the global
USD 50 trillion deposit market that
benefits banks and savers alike. Deposit Solutions is already
connecting more than 70 banks from 16 countries and additionally
operates proprietary B2C Points-of-Sale (ZINSPILOT and SAVEDO) that
market selected deposit offers of its partners directly to savers.
Founded in 2011 by Tim Sievers, the
company is headquartered in Hamburg, has additional offices in
London, Zurich and Berlin and employs a team of 250. Deposit
Solutions is backed by leading tech investors such as e.ventures,
Vitruvian Partners, Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, Apeiron
Investment Group and Angel Investor Stefan Wiskemann. For further
information please visit: http://www.deposit-solutions.com/
About Vitruvian Partners
Vitruvian is an independent European private equity firm which
specializes in 'dynamic situations' - investments in companies
undergoing rapid growth, typically driven by technology. Vitruvian
helps portfolio companies scale their operations by providing an
operational support system and assistance with strategic
initiatives including acquisitions. Notable investments to date
include global market leaders in their field such as Just Eat,
FarFetch, Skyscanner, Darktrace, CRF Health, CFC Underwriting,
Ebury, Snow Software, and others. Vitruvian has a strong presence
in the DACH region with an established office in Munich and four current investments across the
region: Technogroup, smava, doctari and Deposit Solutions. The
€2.4bn Vitruvian Investment Partnership III ("VIP III"), closed in
June 2017, is among the largest pools
of capital in Europe supporting
innovative and higher growth companies. Vitruvian has backed 30
companies in its first two funds and has assets under management of
approximately €5 billion. Vitruvian has offices in London, Munich, Stockholm, Luxembourg and San
Francisco. More information can be found at:
http://www.vitruvianpartners.com