VC backers sell Savedo to Deposit Solutions

Finleap, DVH Ventures, German Startups Group (GSG), Kreos Capital, HW Capital, Wachenfeld Ventures and XAnge Private Equity were also invested in Savedo. Finleap was the largest shareholder with a stake of more than 50% prior to the deal with Deposit Solutions.

Deposit Solutions operates investment platform Zinspilot and is backed by a consortium of investors including EVentures, Greycroft Partners, Valar Ventures, Finlab and Peter Thiel. The acquirer plans to use Savedo to accelerate the international expansion of its B2C business.

Deposit Solutions employs 120 people and has handled €2bn since it was founded in April 2011.

Previous funding
Savedo has raised more than €10m from five funding rounds since 2014, according to unquote" data.

Cherry Ventures, DVH, GSG and Point Nine all backed a seed round in June 2014. DVH then provided additional capital in December 2014 and GSG did the same in January 2015.

In May 2015, all four VC firms reinvested in the company and, in May 2016, GSG, Kreos, Point Nine and XAnge backed another €4.89m funding round for the company. 

Company
Founded in 2014, Savedo is an online marketplace that allows users to invest in fixed-term deposits. It operates as a platform for the banks involved, handling customer service and providing standardised account documents. The startup is headquartered in Berlin and employs 50 people. It has 18,000 registered clients and 13 partner banks.

People
XAnge Private Equity – Bernhard Schmid (management board member).
FinLeap – Hendrik Krawinkel (co-founder, managing director).
Deposit Solutions - Tim Sievers (CEO).
Savedo – Christian Tiessen, Steffen Wachenfeld (co-founders).

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