Deposit Solutions, a Hamburg, Germany-based open banking developer and provider of a platform for savings deposits, closed a $100M investment.
The round, led by Vitruvian Partners with participation from Kinnevik and existing shareholders including first institutional shareholder e.ventures, brings the company’s valuation to over $500m.
The company intends to use the funds to continue to develop and expand the reach of its platform.
Founded in 2011 by Tim Sievers, Deposit Solutions provides a proprietary open banking technology platform for deposits, which is already connecting more than 70 banks from 16 countries. The company additionally operates proprietary B2C Points-of-Sale (ZINSPILOT and SAVEDO) that market selected deposit offers of its partners directly to savers.
Deposit Solutions also has additional offices in London, Zurich and Berlin employing a team of 250.