USD 100m investment, USD 500m valuation – Noerr advises Fintech Deposit Solutions on financing round with Vitruvian, Kinnevik and existing shareholders
Noerr has advised the fintech company Deposit Solutions on a USD 100m investment round. Besides the main investor Vitruvian Partners, Kinnevik and existing shareholders such as e.ventures were also involved. Due to this financing round, the valuation of Deposit Solutions has increased to USD 500m.
Deposit Solutions operates the world’s first open banking platform for savings deposits and works with over 70 partner banks in 16 countries, including Deutsche Bank and the Fidelity subsidiary FFB. Via the distribution channels Zinspilot and Savedo, Deposit Solutions also markets selected deposit offers of the partner banks directly to savers. The company, which was founded by Tim Sievers in 2011, is headquartered in Hamburg and has offices in Berlin, London and Zurich, as well as local teams in all of Europe’s financial centres. It has a total of 250 employees.
Noerr advised Deposit Solutions comprehensively with a team headed by Sascha Leske. Leske, a Noerr partner focussing on private equity law, recently also coordinated the sale of the Asian online marketplace Daraz to Alibaba. In the fintech area Noerr also assisted Lendico this year in connection with the sale of its online credit platform to ING-DiBa, the first major takeover of a fintech business by a bank in Germany.
Advisors to Deposit Solutions GmbH: Noerr LLP
Dr Sascha Leske (team leads, Berlin/New York), Dr So-Ang Park (New York), Eva Loef (Berlin/New York, all Private Equity)