Deposit Solutions, a Hamburg, Germany-based open banking platform for deposits, closed a $20m funding round.
The round was led by existing shareholders e.ventures and Greycroft.
The company intends to use the funds to further accelerate the growth and international expansion of its platform.
Led by Dr. Tim Sievers, CEO and founder, Deposit Solutions operates an Open Banking platform for savings deposits. Its APIs allow any bank to connect to and benefit from its solution, either by sourcing deposits to deepen and diversify their funding base or by offering their own clients a choice of deposit products from other banks through just one master account.
Since its foundation in 2011, Deposit Solutions has established its solution by partnering with more than 50 banks from 16 countries across Europe, such as Deutsche Bank and FFB, the German subsidiary of Fidelity.
In addition, the company markets selected deposit offers from partner banks directly to savers through its own retail channels Zinspilot and Savedo.
The company operates subsidiary companies with local offices in Berlin, London and Zurich, employing a team of more than 200 people.
FinSMEs
01/12/2017