The Hamburg-based Deposit Solutions, an operator of an open banking platform for savings deposits, is launching its B2C brand Savedo on the Swiss market. Private investors in Switzerland can now invest fixed-term deposits with Swiss and foreign banks without having to open accounts abroad. Germany’s MünchenerHyp and the Swiss mortgage bank Lenzburg AG are already partner banks.
Germany, Austria, the Netherlands and now Switzerland
“Deposit Solutions has already successfully established the Zinspilot and Savedo portals in Germany, Austria and the Netherlands,” said Dr. Tim Sievers, CEO and founder of Deposit Solutions. “Switzerland is now our first market outside the EU and with its large savings volumes, both in Swiss francs and foreign currencies, offers the best conditions for our international expansion.”
Over EUR 12 billion in savings deposits
According to Deposit Solutions, it operates the world’s only open banking platform for savings deposits. The fintech has set itself the goal of establishing open banking as the new industry standard for the deposit business. The Savedo and Zinspilot direct portals have already brokered over EUR 12 billion in savings deposits, according to Sievers. More than 90 banks from 16 countries are connected to the platform. Deposit Solutions has branches in London, Zurich, Berlin and New York and employs 300 people. Last summer, the value of the start-up rose to USD 500 million after successfully raising USD 100 million in an investment round. In late 2018, Deposit Solutions announced its launch on the U.S. market.