Deposit Solutions GmbH, a Hamburg, Germany-based fintech company, raised €15m in funding.
Backers included existing investors Peter Thiel and FinLab, as well as new investors Greycroft Partners, e.ventures and Valar Ventures.
The company, which now has a value of €110m, intends to use the funds to further develop the proprietary technology platform and continue international expansion, following the UK (London) and Switzerland.
Led by Dr. Tim Sievers, CEO and Founder, Max von Bismarck, Chief Business Officer and Managing Director, Andreas Wiethölter, CMO, Deposit Solutions allows banks seeking retail funding to list their savings offers on an open architecture platform. Other banks on the platform can market those offers directly to their own clients who can access them without having to open a new account at another bank.
In addition, the company operates Zinspilot, its own retail brand which markets selected deposit offers of its partners directly to savers in Germany. It is already mediating more than €100m of retail deposits per month.