Crédit Agricole Consumer Finance Launches Cooperation with Deposit Solutions

  • Banking
  • 24.02.2021 06:25 pm

Hamburg-based Fintech company Deposit Solutions has signed a partnership with Crédit Agricole Consumer Finance, Europe’s market leader for consumer loans. The French bank will use the Deposit Solutions platform to offer savings products in Germany, starting with fixed-term deposits offered through the ZINSPILOT portal. The partnership will also enable Crédit Agricole Consumer Finance to leverage the Fintech’s broad network of distribution partners, which have a cumulated reach of 30 million German savers.

"We are excited to help Crédit Agricole Consumer Finance as a new partner to further establish their business with savings deposit products in Germany. The German market is highly attractive for foreign banks that are looking to fund themselves with retail deposits. With its large distribution reach and simple operational set-up our platform offers the ideal infrastructure for this endeavour," says Dr. Tim Sievers, CEO and founder of Deposit Solutions.

"In the current situation, a stable and diversified funding mix is particularly important for us. Retail deposits play an important role in this respect. We are very happy that with the help of Deposit Solutions we can significantly increase the basis for our savings deposit products in Germany in a quick and simple way," says David Drapeau, CFO of Crédit Agricole Consumer Finance.

Alongside Crédit Agricole Consumer Finance, banks from 20 European countries are also working with Deposit Solutions to collect retail deposits. By connecting to the Deposit Solutions platform, they can offer their products to the customers of the company’s distribution partners, including Deutsche Bank, Hamburger Sparkasse, Deposit Solutions’ own distribution channel ZINSPILOT, and many others. As of today, Deposit Solutions has transmitted more than EUR 30 billion through its platform.

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