* PayPal co-founder and facebook-backer Peter Thiel invests in FinLab portfolio company Deposit Solutions
Frankfurt am Main / Hamburg, 08.01.2016 - Peter Thiel, the fintech pioneer, Paypal co-founder and first outside investor in facebook, has made an investment in FinLab's portfolio company Deposit Solutions GmbH, the first open architecture platform for retail deposits in Europe.
Thiel is best known for backing companies with transformational technologies. Deposit Solutions' aim is to transform the EUR 9 Trillion European market of retail savings deposits with a unique b-to-b approach: Deposit Solutions' proprietary technology, which the firm developed over multiple years since its founding in 2011, allows European banks which seek money (so called Product Banks) to list their savings offers on an open architecture platform and at the same time allows retail banks (so called Client Banks) to market all savings products listed by other banks on the platform to their own clients. The key innovation is that bank clients can use all savings offers with just their one account at their Client Bank and do not need to open numerous new accounts at other banks.
The unique solution creates a win-win-win situation: Retail banks can offer their clients best-in-class interest rates without losing the client relationship to another bank and at the same time can manage excess liquidity. Savers just need one master account with their local bank and can build a portfolio of savings products in the same simple way they would buy shares or mutual funds. Banks looking for retail deposit funding can gather cross-border retail deposits onto their home balance sheet and gain instant access to a large universe of clients without expensive marketing or the need to operate a proprietary retail infrastructure.
Proprietary technology revolutionizing value chain for savers and retail banks
The platform is run on a proven technology. Since 2011, Deposit Solutions has already been used by renowned banks and has already mediated deposits in excess of EUR 1 billion in different b-to-b applications. In addition to this, Deposit Solutions launched its own retail brand ZINSPILOT in 2014, which markets savings offers listed on the platform directly to German savers.
Founder Tim Sievers explains: "We introduce to the retail deposits business what has long been a standard for other bank products such as mutual funds and mortgages: an open architecture for instant-access and fixed-term deposit products. With this innovation, we enable banks to reach a new level of customer service and efficiency in their retail deposit business. In addition, we help realize the uniform, cross-border European banking market called for by politicians and regulators."
About Deposit Solutions GmbH:
Deposit Solutions GmbH is an innovative financial technology company based in Hamburg. Since 2011, Deposit Solutions GmbH has developed and operated software solutions in the area of account management for the real estate and financial services industries. In 2014, the company launched its new retail deposits platform COMONEA. Since it was founded, the cornerstone of the company has been its rental-security-deposit platform Deutsche Kautionspartner. Via its money-market platform COMONEA.pro, it has so far processed over EUR1 billion in orders. The processes inherent to COMONEA's retail deposits platform are based on these secure and proven foundations.
Deposit Solutions GmbH
Tel.: +49 (0) 40 432 7620 - 111
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and one of the largest company builders and investors focused on the Financial Services Technologies ("fintech") sector. FinLab focuses on developing German fintech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in fintech companies, primarily in the USA and Asia.
Telefon: +49 (0) 69 719 12 80 - 0
Tel: +49 69 719 12 80 0
2016-01-08 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de