Vitruvian leads $100m round for Deposit Solutions

The investment was made at a $500m valuation with participation from VC firm Kinnevik, as well as existing shareholders including EVentures. This valuation represents an increase of more than 4.5x in the two years since the company raised its series-B, according to Unquote Data.

It is the second largest VC-backed funding round for a financial technology company based in the DACH region, according to Unquote Data. The largest was a $160m series-C raised by mobile bank N26 and backed by a syndicate including Allianz Capital Partners, Earlybird Venture Capital and Horizons Ventures in March this year.

Vitruvian drew capital from its third fund, a €2.4bn vehicle that exceeded its €2bn target and closed on its hard-cap in June 2017. It has made seven investments to date and has the flexibility to invest in a range of transactions, including traditional buyouts, buy-and-build strategies, minority stake purchases and growth equity investments.

The fresh capital will be used to further accelerate the growth of the business. This means expanding business with existing partners, adding new partners, and further internationalising the B2C business, a spokesperson for Vitruvian told Unquote.

The spokesperson added that a launch in Switzerland is expected later this year.

The firm is already the leading savings deposits platform in Europe, according to a statement.

Previous funding
EVentures led a €6.5m series-A funding round for Deposit Solutions in January 2016. Finlab and angel investors including Peter Thiel (who invested €1m) also took part.

The VC firm returned along with Greycroft Partners, Valar Ventures and unnamed private investors to inject a further €15m in the company at a €110m valuation in July 2016.

Greycroft and EVentures participated in a further capital increase 18 months later, jointly investing in a $20m series-C round at an undisclosed valuation.

Deposit Solutions' investors after the latest funding round include, EVentures, Vitruvian, Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, Apeiron Investment Group and Stefan Wiskemann, according to a statement.

Company
Deposit Solutions is a financial technology company based in Hamburg. Its platform allows bank clients to make deposits without the need to make a new bank account, and enables banks themselves to collect deposits without building their own deposit infrastructure. The company works with more than 70 banks from 16 countries and said it has mediated almost €9bn of deposits for its 155,000 customers in the last two years. The company was founded in 2011 and employs 250 people.

People
Deposit Solutions – Tim Sievers (CEO).

Advisers
Equity – Noerr (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Technology
• Financials
• Germany
• Vitruvian Partners
• Fintech