German fintech company Deposit Solutions acquired Berlin-based retail deposits platform, Savedo for an undisclosed amount, it was announced today. Hamburg-based Deposit is an open banking platform for deposits. It also operates the investment platform ZINSPILOT.
The acquisition adds more than 18,000 registered clients, 13 partner banks and two new regions (Austria and the Netherlands) to its existing portfolio, according to the announcement.
Founded in 2011, Deposit Solutions allows banks to offer third-party deposit products to their own clients with their existing accounts. It currently operates across 10 countries in Europe.
Deposit Solutions has about €25 million in venture funding. In the last round of financing in July 2016, the company was valued at €110 million, according to its website.