A new partnership with a bank, two new investors and more and more recognition from their users. For Deposit Solutions last summer was really “a very lucky time” as explained by the Regional Director for Italy and Malta Ermanno Ciarrocchi who sees two main opportunities in the Fintech District entrance: greater visibility and relevance in institutional relations and the creation of new services dedicated to fintech.
Deposit Solutions is the open banking platform that can revolutionize the value chain for both banks and savers. For banks that are interested in collecting or diversifying in Europe, they can use a plug and play service to access points of sales that are “points of access to an audience of savers that we estimate to be over 30 million“.
“On the other hand, the banks interested in expanding their offer in the field of deposits can, for the first time, offer deposits belonging to third-party banks making use of the same banking relationship and therefore maintaining a direct relationship with their savers – explained Ciarrocchi – The impact of this innovation is that savers for use deposits for the first time as a real asset class through the existing relationship at their bank or their non-bank point of sales and are therefore able to make portfolios of deposits at banks across the Union European without having to establish direct contact with any of them.
Last summer Ciarrocchi said there was the launch of a new Italian bank, Banca Sistema, with which Deposit Solutions has established a new partnership. There was also a new 100 million dollar financing round that brought the company’s valuation to half a billion dollars. Ciarrocchi also recalls the entry of two new investors, Vitruvian Partners and Kinnevik “that give us further impetus for the international roll out of our solution”.
Moreover, in recent months, many banks connecting to the Deposit Solutions platform to diversify their collection have started to mention it in their report and in their presentations to analysts. “In particular, HSH Nordbank mentioned us in its six-month report, indicating how thanks to us they collected € 2.9 billion in deposits in just 10 months”.
Born with a strong international footprint, today Hamburg based Deposit Solutions operates in a harmonized European regulatory framework and is already present in 16 European countries with local representatives, already connecting 70 banks of different types. “The idea, also implemented through the round of financing just ended – explained Ciarrocchi – is to further accelerate this expansion at European level and strengthen it primarily in Italy”.
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