DGAP-News: FinLab AG / Key word(s): Investment - FinLab portfolio company Deposit Solutions breaks the EUR 1 Billion barrier Frankfurt am Main, 10/27/2016 - One of FinLab AG's (ISIN: DE0001218063, WKN: 121806, Ticker Symbol: A7A.GR) largest investments, Deposit Solutions GmbH, has been able to gain more than 35,000 customers with its B2C investment service ZINSPILOT since its market launch 13 months ago, and broker a total of approximately EUR 1 billion in deposits to banks in Europe ex-Germany. No other fintech company anywhere in the world has as yet been able to achieve a similar milestone in such a short time. Given the ongoing low interest rates, ever more savers are looking for alternative daily and fixed-term savings products. Deposit Solution's "Zinspilot" service platform helps savers realize significantly higher interest income. What makes Zinspilot unique is that it allows customers access to a total of 24 different daily and fixed-term savings products with ten different maturities at five banks in Austria, Great Britain, Malta, and Germany. In 2016, the average Zinspilot daily interest rate is 1.26% - 100 basis points higher than the current average market rate in Germany of 0.26%. Deposit Solutions is currently brokering over EUR 100 million a month in daily and fixed-term savings products. In addition, any bank can integrate the technology behind ZINSPILOT into their own products under their own brand names, and thus for the first time, via their existing account relationships, offer customers attractive interest rates from third-party banks. Well-known banks such as Deutsche Bank and the German Fidelity subsidiary FFB have already decided to implement the platform. Hence, the total volume brokered via Deposit Solutions B2C offering Zinspilot and this B2B business combined is significantly higher than EUR 1 billion. In July 2016 Deposit Solutions conducted a capital increase that increased the value of this Hamburg company to over EUR 100 million - more than four times of FinLab's entry valuation in September of last year. In addition to FinLab, the American star investor Peter Thiel has also invested in Deposit Solutions. Due to the company's strong operational performance since that financing round, the investment should already again have built up significant hidden reserves. About FinLab AG: Media contact:
2016-10-27 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English | |
Company: | FinLab AG | |
Grüneburgweg 18 | ||
60322 Frankfurt/Main | ||
Germany | ||
Phone: | +49 (0)69 719 12 80 - 0 | |
Fax: | +49 (0)69 719 12 80 - 011 | |
E-mail: | investore-relations@finlab.de | |
Internet: | www.finlab.de | |
ISIN: | DE0001218063 | |
WKN: | 121806 | |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange; Open Market (Entry Standard) in Frankfurt | |
End of News | DGAP News Service |