Whilst the EU is well on its way to a single digital market, this is not always the case when applied to financial services despite quite a lot of European-wide regulation that should in theory make this possible....at the same time DGS provides guarantees for savers below the EUR 100k treshhold
SavingGlobal launched in early 2014 to enable German savers to access the best fixed deposit rates in Europe, not just from banks in their home country. However, the plan was always to offer the same service to anyone in Europe, thereby creating a true single European market for savings deposits. To put that plan into practice, the Berlin-based fintech startup has raised €20 million in Series B funding led by Palo Alto-based Ribbit Capital and London’s Index Ventures. Yuri Milner and Tom Stafford also participated, whilst the round brings total amount raised to €30 million. The problem that SavingGlobal solves for savers is two-fold. First up, the saving deposit rates differ not only from one local bank offer to another but even more strikingly across Europe as a whole. SavingGlobal’s marketplace lets you shop around and compare different rates European-wide.