Crédit Agricole Consumer Finance partners with FinTech Deposit Solutions

By Megha Bhattacharya

Deposit Solutions today announced a partnership with Crédit Agricole Consumer Finance in a bid to enable the French bank to offer savings products in Germany, starting with fixed-term deposits offered through the ZINSPILOT portal. The collaboration will also allow Crédit Agricole Consumer Finance to use the Hamburg-based FinTech’s network of distribution partners.

“We are excited to help Crédit Agricole Consumer Finance as a new partner to further establish their business with savings deposit products in Germany. The German market is highly attractive for foreign banks that are looking to fund themselves with retail deposits. With its large distribution reach and simple operational set-up our platform offers the ideal infrastructure for this endeavour,” said Dr. Tim Sievers, CEO and founder of Deposit Solutions.

According to Deposit Solutions, financial institutions can connect to its platform and offer their products to the customers of the company’s distribution partners, including Deutsche Bank, Hamburger Sparkasse, Deposit Solutions’ own distribution channel ZINSPILOT, and many others. As of today, Deposit Solutions has transmitted more than € 30 billion through its platform.

“In the current situation, a stable and diversified funding mix is particularly important for us. Retail deposits play an important role in this respect. We are very happy that with the help of Deposit Solutions we can significantly increase the basis for our savings deposit products in Germany in a quick and simple way,” said David Drapeau, CFO of Crédit Agricole Consumer Finance.

Recently, analysis by the FinTech unicorn Deposit Solutions revealed that Europeans hold more money in their current accounts as compared to before, with the current account volume in the Eurozone reaching a record high in April 2020, doubling since 2013. The analysis stated that 50% of the money on Eurozone bank accounts is in non-interest-bearing current accounts instead of an interest-bearing overnight deposit, fixed-term deposit, and savings accounts.