FinLab AG: Deposit Solutions, a FinLab Portfolio Company, Launches in the U.S.
DGAP-Media / 30.09.2020 / 08:00
Deposit Solutions, a FinLab Portfolio Company, Launches in the U.S.
The new consumer savings portal SaveBetter.com connects American banks digitally with savers, bringing an important innovation to the $16 trillion U.S. deposit market and creates a Win-win situation for banks and savers: banks receive nationwide distribution for their deposit products, savers get more choice and convenience in building savings portfolios. Deposit Solutions is the first company to operate a deposit platform both on the European and American continents.
Frankfurt am Main/Hamburg/New York, September 30th, 2020 - Deposit Solutions, a portfolio company of Frankfurt-based FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR), announced the U.S. launch of its deposit platform yesterday, introducing its new savings portal SaveBetter.com. The SaveBetter portal offers U.S. banks national reach for distribution of their retail deposit products, thus providing Americans with better access, more choice and higher convenience when shopping for FDIC-insured savings products. The platform is the first and only of its kind in the U.S., bringing an important innovation to the $16 trillion local deposit market.
Retail deposits are a key funding source for U.S. banks as they exhibit many positive behavioral characteristics, such as granularity and stability. With SaveBetter.com, banks can easily distribute their retail deposit products beyond their local market to reach savers nationwide without relying on an institutional intermediary. By managing the whole operational execution of the funding process, including marketing and customer service, Deposit Solutions provides banks with a full-service solution to gather retail deposits.
"With SaveBetter.com, we offer American banks national reach off the shelf, helping them to fund themselves more effectively with retail deposits," said Deposit Solutions U.S. CEO Philipp von Girsewald. "We are the first in the U.S. deposits business to bring savers and banks directly together through a digital platform, creating mutual benefits on both sides."
Americans who want to save money and gain access to a growing selection of deposit products, benefit from safety, choice and convenience on SaveBetter.com. They can deposit money in all products listed on SaveBetter.com without having to open a new account with every bank. SaveBetter.com makes it easy for consumers to discover, access and manage multiple products from different institutions.
"America has a huge deposit market and a mature deposit brokerage industry. The arrival of Deposit Solutions in the U.S. brings an exciting innovation to this market," said Peter Thiel, Co-founder of PayPal and early investor in Deposit Solutions. "Deposit Solutions can do for the deposits business what PayPal did for the payments space."
The first U.S. partner banks of Deposit Solutions are Continental Bank from Salt Lake City, Ponce Bank (wholly owned by PDL Community Bancorp) from New York and Central Bank of Kansas City, with more to follow shortly. The initial offering on SaveBetter are savings accounts, to be complemented by bank Certificate of Deposits (CDs), the U.S. equivalent to overnight and fixed-term deposits, in the near future. The funds transfer capabilities are being provided by the Open*CP API platform from Central Payments, a subsidiary of Central Bank of Kansas City.
"With the launch of our U.S. platform, we are reaffirming our ambition to provide a new infrastructure for the global deposits business. We are proud to be the first company to operate a deposit platform both on the European and American continents," said Dr. Tim Sievers, CEO and founder of Deposit Solutions. "Of course, today's launch of SaveBetter.com is just the beginning: We now want to expand the product offering on the platform, win additional partners and bring our vision of an open deposit market that benefits both banks and savers to life in the U.S."
Deposit Solutions was founded in 2011 and is one of Europe's largest and fastest-growing financial technology companies. Its European platform connects more than 150 banks from 20 countries and exceeded the mark of USD 30 billion transmitted deposits earlier this year.
About Deposit Solutions:
Deposit Solutions is a globally recognized FinTech company and the Open Banking platform for deposits. Its proprietary Open Banking technology provides an infrastructure for the global USD 50 trillion deposit market that benefits banks and savers alike. Deposit Solutions is already connecting more than 150 banks from over 20 countries on two continents. In addition, the company operates proprietary B2C Points-of-Sale (ZINSPILOT, Savedo, SaveBetter) that market selected deposit offers of its partners directly to savers in Europe and the USA. Founded in 2011 by Dr. Tim Sievers, the company is headquartered in Hamburg, has additional offices in Berlin, London, Zurich and New York. Deposit Solutions is backed by leading tech investors, such as e.ventures, Vitruvian Partners, Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, Angel Investor Stefan Wiskemann as well as by Deutsche Bank AG. For further information please visit: www.deposit-solutions.com.
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+49 40 696 328 894
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest investors focused on the Financial Services Technologies ("FinTech") and blockchain sector in Europe. FinLab focus in this context is providing venture capital for start-ups. FinLab's aim is a long-term participation and ongoing support of its investments. FinLab in this regard supports its investments in their respective development phase with their network and know-how. In addition, FinLab acts as an asset manager and manages assets in the three-digit million-dollar range.
Phone: +49 69 719 12 80 0
End of Media Release
Issuer: FinLab AG
Key word(s): Finance
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