Deposit Solutions GmbH, corporate

Deposit Solutions GmbH,

20.06.2017 - 10:11:39

Deposit Solutions marks record year of growth by passing two billion euros of savings through ZINSPILOT

Deposit Solutions marks record year of growth by passing two billion euros of savings through ZINSPILOT

Follows announcement of first billion euros transmitted in October 2016 Second billion euros was transmitted through B2C platform in just seven months  HAMBURG, 20 JUNE 2017 - Deposit Solutions, the Open Banking platform for deposits, has capped a record year of growth by surpassing two billion euros in savings deposits transmitted via the company's consumer facing site, ZINSPILOT. It marks a successful step in the growth of Deposit Solutions, which now has over 100 employees and is currently embarking on a programme of further expansion beyond its existing offices in Hamburg, London and Zurich. While the first one billion euros transmitted via ZINSPILOT took 13 months to achieve, the second billion has been reached in May just seven months later. ZINSPILOT offers savers direct access to best-in-class interest rates from multiple banks from a single account. It was launched in December 2014 to a limited beta-user-group and opened to all German savers in September 2015. Since then, it has gained more than 50,000 customers, and was recently voted "Best Deposit Marketplace" at the BankingCheck Awards for the third year in succession with a customer recommendation rate of 95%. Deposit Solutions also offers the proprietary technology behind ZINSPILOT directly to banks. It allows banks seeking retail funding to list their savings offers on the platform. Other banks can then market those offers directly to their own clients. As a result, clients can access best in class savings offers through their home bank without having to open a new account at another bank. B2B partners that have already connected to the Deposit Solutions Open Banking platform include renowned financial institutions such as Deutsche Bank and FFB, the German subsidiary of Fidelity International. Dr. Tim Sievers, founder and CEO of Deposit Solutions, said: "ZINSPILOT enables savers to benefit from greater choice and better rates through a single account even if their home bank has not yet implemented our platform. We are very happy about its success because it shows the great demand for this service and proves the home banks implementing our solution to be on the right track. We believe that Open Banking will become the new industry standard for the deposit business across Europe and our platform is the infrastructure enabling and driving this change."  About Deposit Solutions Deposit Solutions is a globally recognized FinTech company that is transforming the more than EUR 10 trillion deposit market in Europe. Its ground-breaking Open Banking platform allows banks to offer attractive third party deposit products to their own clients with their existing accounts. As a result, bank clients can access best in class deposit offers without having to open a new account at another bank, and banks can gather deposits from across Europe without facing the need to build and operate their own deposit infrastructure. Today, Deposit Solutions is already connecting banks across more than 10 European countries. In addition, the firm operates its own retail brand ZINSPILOT which markets select deposit offers of its partners directly to savers. Since its launch ZINSPILOT alone mediated more than 2 billion euros in deposits, making Deposit Solutions one of the fastest growing FinTech companies in the world. The company is headquartered in Hamburg, Germany, and now operates subsidiary companies with local offices in London and Zurich. Founded in 2011 by Dr. Tim Sievers, the firm today employs a first in class team of more than 100 highly qualified employees. Deposit Solutions so far has received EUR 25 million in venture capital funding from renowned international investors, among them Greycroft Partners, FinLab, e.ventures, Valar Ventures and Peter Thiel, and was valued at EUR 110 million in the last investment round in July 2016.For further information please visit: www.deposit-solutions.com  Media contacts Jaana Ijas, CNCjaana.ijas@cnc-communications.com +44 (0)20 3219 8825   Matthew Thomlinson, CNCmatthew.thomlinson@cnc-communications.com +44 (0)7908 249 266 End of Media Release Issuer: Deposit Solutions GmbH Key word(s): Finance

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584429  20.06.2017 

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