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German Fintech Startup Acquires Rival as Dealmaking Heats Up

  • Thiel-backed Deposit Solutions buys Savedo to add customers
  • Startups enable consumers to make deposits across the EU
Source: Savedo

In a sign that dealmaking in the financial-technology sector may be heating up, a German fintech firm has made the rare move of acquiring another startup to beef up its customer base.

Deposit Solutions GmbH, a Hamburg-based company that enables consumers to move their savings around a network of 15 European banks to find the best interest rate, today acquired Savedo GmbH, a Berlin startup in the same field. The terms of the deal, which Deposit Solutions announced in a statement, were not disclosed.