Saving money at a bank hasn’t been that popular among consumers. Apart from the fact that many alternatives for saving money have become available, yields on savings at the local bank don’t seem appealing to consumers anymore.
It could very well be that a foreign bank offers a savings account with a better interest rate. Most banks limit the availability of savings accounts to inhabitants of that country. Even within the European single market -that seeks to guarantee the free movement of people, goods, services and capital- it often proves difficult to open a foreign savings account.
Berlin based Savedo has come up with a solution for this market inefficiency: it connects potential european savers to banks, taking away regulatory and administrative hurdles. As such, the market place provides new financial opportunities to consumers and at the same time helps banks to grow market opportunities.
The company that was founded 2 years ago by company builder Finleap, raised 12 million dollars in total for their development. Savedo that is currently operating in Germany, Austria and the Netherlands is looking for further expansion.
Competitors of Savedo include Weltsparen and Zinspilot, also based in Germany