Deposit Solutions surpasses one billion euros in savings through ZINSPILOT

London, October 25, 2016 – Deposit Solutions, the European Fintech company, has surpassed one billion euros in savings deposits transmitted via the company’s consumer facing site, ZINSPILOT, as the business prepares for further expansion in Europe in 2017. No other Fintech company has been able to reach this milestone within only 13 months. ZINSPILOT was launched in December 2014 and opened to all German savers in September 2015.

Savers are currently investing €100 million a month in daily and fixed term savings products via ZINSPILOT. The online service offers savers access to best in class interest rates from multiple banks through a single account, without having to open an account with each bank separately. Since full market roll out in Germany in September 2015, over 35,000 customers have registered with ZINSPILOT and in 2016 customers have benefitted from an average daily interest rate of 1.26 percent – 100 basis points higher than the average savings rate of 0.26 percent.

Deposit Solutions also offers the proprietary technology behind ZINSPILOT directly to banks to integrate into their own retail offering as the first open architecture platform for retail savings deposits in Europe. It allows banks seeking retail funding to list their savings offers on that platform. Other banks on the platform can then market those offers directly to their own clients. As a result, clients can access best in class savings offers through their home bank without having to open a new account at another bank. Large players like Deutsche Bank and the German Fidelity subsidiary FFB have already decided to integrate the platform into their retail offering, while many additional banks and wealth management partners are currently being on boarded.

The underlying Deposit Solutions’ technology has been in operation since 2011 and the platform is already being used by banks across Europe to source retail deposits. Deposit Solutions is now advancing plans to also extend the retail offering to other European markets, including the UK.

Max von Bismarck, Chief Business Officer for Deposit Solutions said, “We are seeing continued demand both from banks looking to offer their clients higher yielding deposit products and banks wanting to raise deposits through our platform. Through our existing partnerships we can already offer access to substantial deposit volumes in the double digit billion range. We´re excited by the growth of the business and our efforts are now focused on further expanding our offering in key European markets.”

Dr. Tim Sievers, Chief Executive Officer and Founder of Deposit Solutions said, “This is an important milestone for the business in a number of ways. The successful funding round in the summer illustrated investor confidence in the business, but these latest figures show the business‘s continued success in practice. Surpassing €1 billion in savings deposits via ZINSPILOT in such a short time is a real proof point for us and shows the importance for banks of offering retail customers an attractive solution for their savings deposits. Our platform allows any bank in Europe to provide this service to their clients under the existing account relationship.”

Deposit Solutions secured another €15 million in funding in July 2016 as it sought to expand its stake in the €9 trillion market for retail deposits in Europe. This was the second successful investment round for the company within a year, and increased the valuation to €110 million.

Media Contacts:

Cat Stirling
FTI Consulting
cat.stirling@fticonsulting.com
+44 (0)20 3727 1486