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FinTech Deposit Solutions in Switzerland: time deposit instead of savings stocking

As announced in November 2018, the German FinTech Deposit Solutions has launched the Savedo platform in Switzerland.

After the last round of financing in the summer of 2018, the FinTech and the open-banking specialist Deposit Solutions shines with the proud valuation of about half a billion US dollars. The confidence of investors has reasons.

The Hamburg-based FinTech, with its two brands, Zinspilot and Savedo, has been very successful in Germany and in numerous other countries since 2011 in order to teach zero interest rates the fear. The Open Banking platform offers attractive investment and interest rate programs for private customers – and the platform is also open to banks. Currently, more than 90 banks from 16 countries are connected to the Open Banking platform.

With just under 300 employees, Deposit Solutions operates lean, reaches more than 30 million savers, serves 170,000 customer accounts, connects banks from 16 European countries and has so far generated 11 billion euros in savings deposits via the Zinspilot and Savedo platforms.

Fixed term with attractive interest rates

Savedo launches in Switzerland with four offers, which are to be expanded continuously with international fixed-term products. Currently, there are time deposits between 12 and 48 months with interest rates between 0.10 and 0.65 percent. In addition to the Munich Hypothekenbank is the mortgage bank Lenzburg in the boat, the deposit provider.

This is not surprising, because the Lenzburger as an open-banking specialist with Savedo also “superior” cooperate – the mortgage bank Lenzburg acts as a transaction bank Savedo. Savedo customers with fixed-term deposits also become HBL’s customers, opening the account used to settle the time deposits. This is another reason why investments in open banking should be worthwhile for Lenzburger in the long term. In addition to interesting cooperations and smart offers, new and direct customers for the bank are constantly being acquired through these channels.

Success also in Switzerland?

Quite sure, because the reasons for the success in Germany in considerable magnitude are likely to take effect in Switzerland. Rather risk-averse target groups with savings intentions recognize the difference between negative, zero and attractive interest rates. And because savings are protected by deposit insurance, the Savedo offer may soon become an interesting alternative. Convincing and better than the economy stocking or the cash deposit under the mattress.

Fold it, then benefit immediately three parties: Savings customers with savings, Savedo as a fast growing provider and the mortgage bank Lenzburg as an open banking pioneer with know-how and infrastructure, which is constantly gaining new customers. Other banks in Switzerland are also increasingly discovering the benefits of real open banking, which is precisely what Savedo is open to, which in turn leads to a broader offer for savings customers. The bill could therefore work – for all involved.

Published inFintech

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