Deposit Solutions, an Open Banking platform for savings deposits, has closed a $100 million investment round led by Vitruvian Partners.

The company’s platform enables institutions to 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 new customers. 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.

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.

Last year, Atom Bank partnered with Deposit Solutions, enabling the bank to offer retail deposits in Germany. Atom also launched fixed savings products to German customers, made possible throught the partnership.

Vitruvian was joined by Kinnevik and existing shareholders, including Deposit Solutions’ first institutional shareholder e.ventures, in a transaction that values that company at $500 million.

Tim Sievers, chief executive 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 $50 trillion market for savings deposits.”

Share Story: