Deposit Solutions, the European FinTech company, announced Tuesday (Oct. 25) it has surpassed €1 billion in savings deposits transmitted via the company’s consumer-facing site, ZINSPILOT, as the business prepares for further expansion in Europe in 2017.
In a press release, the company claimed no other FinTech company has been able to reach this milestone within only 13 months. ZINSPILOT was launched in Dec. 2014 and opened to all German savers in Sept. 2015. Savers are currently investing €100 million a month in daily and fixed-term savings products via ZINSPILOT.
The online service offers savers access to best-in-class interest rates from multiple banks through a single account, without having to open an account with each bank separately. Since full market rollout in Germany in Sept. 2015, over 35,000 customers have registered with ZINSPILOT, and in 2016, customers have benefited from an average daily interest rate of 1.26 percent — 100 basis points higher than the average savings rate of 0.26 percent.
Deposit Solutions also offers the proprietary technology behind ZINSPILOT directly to banks to integrate into their own retail offering as the first open architecture platform for retail savings deposits in Europe. It allows banks seeking retail funding to list their savings offers on that platform. Other banks on the platform can then market those offers directly to their own clients. As a result, clients can access best-in-class savings offers through their home bank without having to open a new account at another bank. Large players, like Deutsche Bank and the German Fidelity subsidiary FFB, have already decided to integrate the platform into their retail offering, while many additional banks and wealth management partners are currently being onboarded. The underlying Deposit Solutions’ technology has been in operation since 2011, and the platform is already being used by banks across Europe to source retail deposits.