Media company WeltN24 exited Savedo, the Germany-based operator of an online marketplace for savings products, yesterday through an acquisition of undisclosed size by banking software provider Deposit Solutions.
Savedo has built an online marketplace that allows users to choose retail savings and investment products from the network of financial services providers with which it partners.
WeltN24 became a shareholder in Savedo through a media-for-equity deal that formed part of a $5.6m round the company closed in May 2016, taking its overall funding to more than $10m.
Xange, Kreos Capital, Point Nine Capital, German Startups Group and FinLeap also took part in the 2016 round, which was followed by $2m in funding from private investor Simon Nixon the following month. Savedo’s earlier backers include DvH Ventures, Cherry Ventures and HW Capital.
Tim Sievers, founder and CEO of Deposit Solutions, said: “Through the acquisition, we plan to further accelerate the international roll-out of our B2C (business-to-consumer) business. Savedo is already available in three languages and has won multiple awards for its service-focused and user-friendly platform.
“We are thrilled to be able to add a strong partner to our B2C offering, with a wealth of international experience, technological know-how and an uncompromising focus on customers.”