FinLab AG: FinLab portfolio company Deposit Solutions receives additional capital to continue record growth

Frankfurt am Main, 30 November 2017 - Deposit Solutions GmbH, a portfolio company of FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR) has closed a US$20 million financing round. Since FinLab's first investment in September 2015, the valuation of the Hamburg-based financial services technologies ("FinTech") company has therefore increased nine times over. After this financing round, FinLab still holds an interest of over 10% in Deposit Solutions. Deposit Solutions set the goal of making open banking the new standard in the deposit business and to this end is already cooperating with more than 50 banks in 16 countries. The additional capital is intended to further accelerate the international growth of the open banking platform. In addition to FinLab, Peter Thiel, co-founder of PayPal and an initial investor in Facebook, Apeiron Investment Group, Valar Ventures, e.ventures, Greycroft and Stefan Wiskemann hold an interest in Deposit Solutions.

According to FinLab Board Member and Deposit Solutions Advisory Board Member Juan Rodriguez: "The new financing round underlines the sensational performance of Deposit Solutions. Since our initial investment around 24 months ago, Deposit Solutions has brokered close to EUR4 billion in deposits through its B2C channels alone. With its strategic approach and technology, the FinTech company is a pioneer in the deposit business. We at FinLab are strongly convinced that Deposit Solutions has the potential to shake up the market for private customer deposits, which is worth around EUR10 trillion. "

About FinLab AG:

Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A.GR) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby 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.
 

About Deposit Solutions

Deposit Solutions operates the first open banking platform for deposit products. Each bank can use APIs to connect simply to the platform and benefit from the unique solution, either by accepting deposits from private savers all by offering deposit products from other banks to its customers by a central account and therefore creating a broader range of options for its customers.

In addition, Deposit Solutions markets deposit products from selected partner banks directly to savers via its retail channels ZINSPILOT and SAVEDO. With over 85,000 retail customers, Deposit Solutions' B2C offering alone is among the fastest growing fintech businesses in the world having transmitted deposits close to EUR 4 billion within two years. The company was formed by Dr Tim Sievers in 2011 and now employs a first-class team of more than 200 people.
 

Press Contact:
FinLab AG
investor-relations@finlab.de
Tel.: +49 (0) 69 719 12 80 - 0