Round led by BNP Paribas, Europe’s leading financial institution
Save, a fintech company that helps clients earn higher yields on their spending and savings, announces the successful closure of a funding round led by BNP Paribas, Europe’s leading financial institution. Joining BNP Paribas in the round is Webster Bank, a leading commercial bank in the Northeast who has partnered with Save on its Market Savings account.
Deposit account holders and credit card users, today valued at $19 trillion1, and $4 trillion2 markets respectively, are challenged by higher interest rate charges, record-breaking inflation and subsequent erosion of purchasing power. The demand for higher yielding bank products is growing rapidly and banks are looking for innovative ways to improve customer retention and deposit growth. Save is answering this unmet need with its Market Savings product that enables market-based returns while maintaining FDIC insurance.
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Michael Nelskyla, CEO at Save, commented, “We’re delighted that BNP Paribas and Webster Bank have joined as investors in Save. Our vision is that in the future bank customers will have the ability to choose how they receive yield; be it fixed, floating or through market returns.”
Recent Save accomplishments include the launch of Market Savings, a hybrid product and service that includes a Webster Bank deposit account linked to an investment product offered by Save, as well as increasing its portfolio range to include ESG investment strategies and dynamic absolute return strategies. Save will utilize the funds raised to scale up its current product range and to launch its new B2B business, dubbed “Powered by Save”, as it continues to expand its offering through institutional partnerships and advisory channels.
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Adam Watts, COO of Save , explained, “The demand from banks to launch Market Savings has been very strong to counter both deposit flight and customer need for better yield potential. Several US Wealth Advisory Channels are also onboarding Save as a new type of cash management tool.”
Steve Nawrocki, Head of Equity Derivatives, Global Equities Americas at BNP Paribas, said, “BNP Paribas is committed to market innovation that responds to client needs. BNP Paribas’ investment in Save further demonstrates our commitment to market innovation that responds to demand for dynamic client solutions. As a leading European institution with a technology as a key pillar of our 2025 growth plan, we continue to collaborate with fintechs with scalable benefits to our global client franchise.”
“We are pleased to expand our partnership with Save to include this strategic investment to help further their growth initiatives in combination with our previously announced banking as a service partnership.” said Matthew Smith, Executive Managing Director, Chief Digital Banking & Enterprise Product Officer at Webster Bank.
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