Open banking startup Deposit Solutions closed a new investment round of $100 million, putting its valuation at $500+ million. The round was led by private equity firm Vitruvian Partners, joined by Kinnevik and existing shareholders, including institutional shareholder e.ventures. The fintech has scaled its B2B business, while its B2C business has more than doubled the total volume in transmitted deposits within the past nine months to €9+ billion. It connects more than 70 banks from 16 countries to more than 30 million savers through a wide variety of Points-of-Sale including Deutsche Bank and Fidelity’s FFB.
The “Banking-as-a-Service model” is aimed at banks seeking deposit funding : they connect to the platform and 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 these 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. Or, banks and non-bank financial Point-of-Sale owners that want to offer their own customers a choice of deposit products can integrate the platform into their own ecosystem.