Deutsche Bank (XE:DBK)
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By Kim Richters
Deutsche Bank AG (DBK.XE) has acquired a 4.9% stake in online-banking startup Deposit Solutions GmbH, part of an investment that values the startup at more than 1 billion euros ($1.1 billion).
The German lender said Thursday that it has been using the startup's technology for its deposit marketplace Zinsmarkt since 2017, adding that it hopes to profit from the startup's expected positive value development through its investment.
Deposit Solutions is a portfolio company of listed fintech investor FinLab AG (A7A.XE), who said late Wednesday that the financing round with Deutsche Bank and others values the startup at more than EUR1 billion. After the investment, FinLab holds a stake of around 7% in the startup, it said.
The companies didn't disclose the financial terms of the deal.
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(END) Dow Jones Newswires
September 19, 2019 07:36 ET (11:36 GMT)
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