Index injects €7.5m into SavingGlobal

The fresh funding will be used to boost the company's development in Germany, its core market, and to support expansion across Europe.

The company has simultaneously announced the appointment Katharina Luth, former senior project manager at McKinsey, to co-lead the company's European expansion; Philipp Hartmann, former employee at Goldman Sachs and Index Ventures, where he worked on fintech investments, has also joined as vice president of product.

Earlier this week, Index closed its latest vehicle on €400m. Index Ventures VII is the VC's seventh early-stage fund and was raised in less than three months. The fund seeks opportunities across Europe, Israel and the US in the tech segment.

Company
Founded in 2013 and based in Berlin, SavingGlobal is a platform for foreign fixed deposit offers in Germany. The company currently offers users three deposit products from two European bank partners: Bulgaria-based Fibank and Banco Espirito Santo in Portugal. Three new agreements with banks in the UK, Norway and Poland have recently been signed.

According to a study by Postbank cited by SavingGlobal, German savers lose €14bn in purchase power as bank deposit yields are below inflation. Savers that take advantage of offers on the platform could increase deposit yields from an average of 0.6% to 3.3% annually, the company says. Deposits up to €100,000 are protected by the EU-wide harmonized deposit insurance scheme, as the products available on the platform are offered via banks based in Europe.

People
Neil Rimer is a partner at Index Ventures. Tamaz Georgadze is CEO and co-founder of SavingGlobal.

 

 

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• Topics
• Financials
• Early-stage
• DACH
• Germany
• Index Ventures