Deposit Solutions GmbH, the provider of Zinspilot, has secured a EUR 15 million investment, the company announced Wednesday (July 20th). The venture capital investors include Peter Thiel, founder of PayPal and Facebook investor, Valar Ventures as well as Germany’s publicly listed FinLab. Greycroft Partners, an U.S. investor, e.ventures, a global growth fund, and Valar Ventures will become three new partners in the FinTechn. Thanks to this funding round, Deposit Solutions is now worth EUR 110 million.
Launched in 2011, Zinspilot allows customers to transfer their call money and fixed-term deposits to other accounts and to profit from the interest rates on offer. To this end, the platform co-operates with several European banks including the Hanseatic Bank, CreditPlus Bank and Fimbank. Deutsche Bank recently announced the integration of Deposit Solutions’ platform into its retail offering for German savers. Zinspilot can arrange hundreds of millions of euros per month.
Dr. Tim Sievers, CEO and founder of Deposit Solutions, said: “We are seeing substantial demand from banks looking to offer their clients attractive deposit products under the existing account relationship. As a result we have gained access to millions of clients and billions of deposit appetite in a very short amount of time. This in turn is very attractive to banks wanting to raise deposits through our platform.”
More branches in London und Zurich
Last year, Deposit Solutions received an investment of EUR 6.5 million and announced Thiel’s decision to join the firm. The funds raised in July will go towards developing the proprietary platform, personnel and expanding the structure of the organisation. Apart from gaining a stronger footing on the German market, Deposit Solutions is also focusing on core European markets. The company has 70 employees and has already opened branches in London and Zurich.