Yuri Milner invested in a deposit startup

    Internet entrepreneur Yuri Milner invested in the German financial startup SavingGlobal , which helps users find deposit offers from various banks with high interest rates on deposits. The total investment round amounted to $ 21.8 million, according to Vedomosti. In addition to Milner, California-based Ribbit Capital and European-American Index Ventures invested in the startup.

    According to The Wall Street Journal (WSJ), for a German startup this is a big success, because German projects usually get money in the late stages of investing. At the same time, Germany is ahead of all other European countries in terms of venture financing.

    A separate problem is that in Europe there is no common capital market, for this reason the SavingGlobal business model can be interesting for venture capital as well. The startup itself offers customers from Germany to place money in EU countries, on accounts with a high interest on a deposit. For example, deposits in Germany usually come at a rate of 0.2% per annum. At the same time, in Greece this rate is already 1.9%.

    There is another problem here - most European banks are not very willing to accept deposits from foreigners. SavingGlobal solves this problem, as the startup acts as a broker.

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