Deposit Solutions, a German open banking platform provider, has acquired SAVEDO, a local platform for retail deposits, for an undisclosed sum.
Berlin-based SAVEDO will now be integrated with Deposit Solutions’ open banking platform.
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SAVEDO will continue to operate out of Berlin and its CEO Christian Tiessen will now shoulder the responsibility of managing the international B2C expansion of Deposit Solutions.
Deposit Solutions, a Hamburg-based firm, said that the takeover will add over 18,000 clients, 13 partner banks and presence in Austria and the Netherlands. Currently, over 30 banks across Europe including Deutsche Bank and Fidelity’s German subsidiary FFB are connected to its platform.
Deposit Solutions’ B2C offering dubbed ZINSPILOT is presently used by over 60,000 retail savers.
Deposit Solutions founder and CEO Tim Sievers said: “Through the acquisition, we plan to further accelerate the international roll-out of our B2C business. SAVEDO is already available in three languages and has won multiple awards for its service-focused and user-friendly platform.”
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