Hamburg, Germany-based fintech startup Deposit Solutions Gmbh acquired Berlin-based retail deposit platform Savedo Gmbh for an undisclosed sum.
The merger will expand Deposit Solutions' reach to Austria and the Netherlands, along with adding 18,000 registered clients and 13 partner banks to its business. It intends to use Savedo's platform to further its business-to-consumer offering, ZINSPILOT, which allows retail users single-account access to investment products.
Savedo will continue to operate out of Berlin, with its CEO, Christian Tiessen, given the added responsibility to spearhead Deposit Solutions' international business-to-consumer expansion.
Deposit Solutions, which has offices in London and Zurich, is backed by Greycroft Partners, FinLab, e.ventures, Valar Ventures and Peter Thiel, and was valued at €110 million at the time of the previous round of investment in 2016.