Why I wasn’t so surprised that Deposit Solutions acquired Savedo?
Allowing access to rich data sets through APIs will create a whole generation of financial service solutions. What will become very interesting is seeing how other industries as well as emerging Fintechs and start-ups might begin to use this data to augment services, or create new ones. – Kent MacKenzie, Director (Deloitte, 1.6.2017) It was confirmed on 15 August 2017 that German-based open banking and savingstech start-up Deposit Solutions (established in 2011), backed by Peter Thiel and various other well-known venture capitalists, has acquired its German-based rival Savedo. Deal terms were not disclosed. 1)Lepak, S. (2016). “Why terms of acquisitions are not disclosed?”. CoFoundersLab Discussions, 20.9.2016. As noted in the official press release by Deposit Solutions, With the acquisition of SAVEDO, Deposit Solutions is further expanding its B2C capabilities, adding more than 18,000 registered clients, 13 partner banks and two new regions – Austria and the Netherlands – to its existing…
The world is changing, no doubt about it
All change is hard at first, messy in the middle and gorgeous at the end. – Robin Sharma The world of business has been changing so fast and unpredictable lately that sometimes it is hard to remember when this all started. Things have always started but nowadays no day passes without reading about some exciting new developments and novel approaches. One of the main changes that we have witnessed over the years, for example, stems from the way that clients and customers expect to be treated throughout their journey. This trend has increased with the emergence of social media; just reflect on the recent United Airlines scandal where an unwilling passenger was forcefully dragged off the plane in an overbooking situation. This unfortunate incident went viral thanks to the social media, and it caused significantly reputational damage to the United Airlines. [1] Although the incident was settled in late April, it still leaves a bad…