January 9, 2016
Peter Thiel, Paypal co-founder and first outside investor in Facebook, has invested in Hamburg-based Deposit Solutions GmbH, an open architecture platform for retail deposits in Europe. The recent EUR 6.5 million funding round was led by FinLab AG, a German FinTech investor with participation from Peter Thiel, who backed Deposit Solutions with a million dollars, and other investors which include Stefan Wiskemann, Stefan Glänzer and Christoph Linkwitz.
The financing round will be used to support the Europe-wide rollout of Deposit Solutions and its unique open architecture retail brand ZINSPILOT.
About Deposit Solutions
Deposit Solutions is a Hamburg-based FinTech company which was founded in 2011 and has already mediated deposits for more than 1 billion euros in different B2B applications.
Deposit Solutions GmbH develops and operates innovative software and service offerings for real estate and finance. It’s proprietary technology enables European banks to list their savings offers on an open architecture platform and retail banks (clients) to market all savings products listed by other banks on the platform to their own clients.This way, Deposit Solutions allows people to access banking products from multiple financial institutions without having to switch banks.
Founder Tim Sievers explains: "We introduce to the retail deposits business what has long been a standard for other bank products such as mutual funds and mortgages: an open architecture for instant-access and fixed-term deposit products. With this innovation, we enable banks to reach a new level of customer service and efficiency in their retail deposit business. In addition, we help realize the uniform, cross-border European banking market called for by politicians and regulators." and he also adds: "With its unique approach, Deposit Solutions is revolutionizing the value chain in the retail deposit business by creating significant advantages for savers and banks. It offers a clear, distinct competitive alternative secured by a proprietary technology with the potential to become the new back-end for the European retail deposit market."