Deutsche's investment makes Deposit Solutions the second most valuable German fintech after neobank N26, which secured a $3.5 billion valuation following a
raise earlier this year. Of note, the deal sees Deposit Solutions' valuation more than double since its last funding round, when it secured $100 million in August 2018, per the FT. Deposit Solutions develops technology for banks and lenders in addition to offering its own business-to-consumer solutions:
Its software connects consumers and lenders, allowing banks to collect deposits from across Europe. Deutsche Bank already uses this technology: It launched Zinsmarkt, a deposit marketplace that allows its customers to access high-interest-paying fixed-term deposit products from other European lenders, using the technology in 2017. Since its launch, Deutsche Bank's 7 million retail customers in Germany have used Zinsmarkt to funnel €2 billion in savings to other lenders.
The startup also operates two direct-to-customer deposit marketplaces. Under the name Zinspilot, the startup connects consumers directly to third-party deposit products without requiring them to open new accounts. In this regard, it's a direct competitor to the Zinsmarkt product and, notably, German peer Raisin, which operates a similar deposits marketplace and is in the process of
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »