Deutsche Bank buys 4.9% stake in open banking fintech Deposit Solutions
Deutsche Bank said it acquired a 4.9% stake in German-based fintech Deposit Solutions, according to announcements from both companies.
The Hamburg, Germany-based fintech provides open banking technology that allows more than 100 banks across 18 countries to offer their customers products from third-party banks or source deposits for their balance sheets.
Deutsche Bank has an existing relationship with Deposit Solutions, providing a savings product called Zinzmarkt to its customers since 2017. The service, based on Deposit Solutions Zinzpilot technology, allows Deutsche Bank customers to access fixed-term deposit products from third-party banks that pay higher interest.
“We have been in investing in our capabilities to operate as a digital platform for a considerable length of time,” Karl van Rohr, president of Deutsche Bank, said in a company release. “In the digital age the only players that will maintain client contact are those who can offer the best products, even if they are provided by third-party vendors.”
Zinsmarkt currently offers 23 different fixed-term deposit products from three different banks.