Savedo expands into the Netherlands

By Carlotta Mondino | April 19th, 2016
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  • Savedo expands into the Netherlands

    On April 19th, Savedo started its online-platform for saving deposits in the Netherlands. Thus, FinLeap’s venture becomes the first and to date the only licensed interest-portal in our neighboring country. It is the first step into the non-German speaking foreign countries for the Berlin-based company.

    The resolute internationalization has been a main goal for Savedo since the online-portal’s start in Germany December 2014. The start towards that goal was made with the services’ expansion into the Austrian market. From the hilly Alpine Republic, Savedo now goes onto the Dutch lowlands. The expectations at Savedo are high., but the first success has already been achieved.

    “The way into the Netherlands was far from easy”, tells Savedo-manager Christian Tiessen. Next to the expansion and adaption of the technical infrastructure, we had to overcome many legal regulations.” Therefore, we are especially proud to have positive examination results by the Dutch financial-market regulators and, in consequence, of being equipped with a license which allows us the entrance into this attractive market.” The allocation of the license shows, “that the financial investment with Savedo is not only a lucrative, but especially a secure way out of the saving-misery.”

    Also, in the Netherlands, the saving interest on bank deposits is not in a particularly good shape. Nevertheless, investment products like day-to-day money or fixed-term-deposits still belong to the most popular saving forms. Approximately 350 billions are currently deposited in the saving accounts of 17 million Dutch people at their native banks. Since they face insignificantly better interest payments in their German counterparts, people will receive the start of Savedo in the Netherlands extremely positively.

    At the beginning, the Czech J&T Banka offers altogether ten fixed-term-deposits from six months to ten years terms and interest rates of up to 2.2% p.a.on the Savedo platform. In most of the cases, the Prague financial institution thereby offers Dutch investors the highest interest rates in comparison to fixed-term-deposits. Savedo wants to quickly extend the offer analogously to the German mother-platform by cooperating with more banks and investment products.

    Next to the general saving enthusiasm, it is especially the high online-affinity of the Dutch which makes the market interesting for Savedo. Over 90 percent of the Dutch trust online-banking offers with their daily financial transactions. Thereby, they are much more digitally set-up than their German neighbours. In Germany, although the enthusiasm for the so-called “digital banking” grows on and on, only approximately 50 percent of the population use online-banking.

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    Carlotta Mondino