Open banking firm Deposit Solutions has announced the closing of a $100 million funding round today.

The round was led by private equity firm Vitruvian Partners. Vitruvian was joined by Kinnevik and existing shareholders including Deposit Solutions’ first institutional shareholder e.ventures. It values the company at $500 million.

Dr. Tim Sievers, CEO and founder of Deposit Solutions said: “We are delighted to welcome Vitruvian and Kinnevik as new shareholders. They are experts in supporting high-growth companies, which makes them ideal partners for us. Their deep industry expertise and financial firepower will help us achieve our mission of making Open Banking the new standard for the global $50 trillion market for savings deposits.”

A spokesperson from Vitruvian Partners said: “As a pioneer of Open Banking Deposit Solutions has shown remarkable performance in rolling out a true innovation and enabling a marketplace for one of the most important product categories in banking.

“The company already operates the leading platform for savings deposits in Europe. With our expertise in scaling high growth technology companies we will help accelerate the growth of the business even further.”

Deposit Solutions now connects more than 70 banks from 16 countries to more than 30 million savers through a wide variety of Points-of-Sale including financial institutions Deutsche Bank and Fidelity’s FFB. Deposit Solutions’ proprietary Points-of-Sale ZINSPILOT and SAVEDO have  more than doubled the total volume in transmitted deposits within the past nine months to more than  €9 billion.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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