Deposit Solutions GmbH, a Hamburg, Germany-based open architecture platform for retail deposits in Europe, raised €6.5m in funding.
The round was led by FinLab AG, a German fintech investor with participation from Peter Thiel. Other investors in the company include e.ventures, Stefan Wiskemann, Stefan Glänzer and Christoph Linkwitz.
The company intends to use the funds for European-wide rollout of its open architecture retail brand ZINSPILOT.
Led by founder Tim Sievers, Deposit Solutions provides proprietary technology that allows European banks which seek money (product banks) to list their savings offers on an open architecture platform and retail banks (client banks) to market all savings products listed by other banks on the platform to their own clients, who can use them without having to open a new account at another bank.
In addition, the company launched its own retail brand ZINSPILOT in 2014, which markets savings offers listed on the platform directly to German savers.