“Launching cooperation with CHECK24 enables us to expand our presence in the German deposit market, which is a strategically important and attractive source of funding for Inbank. Since Inbank finances itself primarily through term deposits, this additional partnership is significant for increasing the flexibility of our funding base as well as diversifying our deposit portfolio. Currently, deposits from Germany already account for nearly a quarter of our total deposit portfolio,” said Inbank’s CFO Marko Varik.
According to Varik, Inbank’s deposit portfolio in Germany, Austria, and the Netherlands amounted to nearly €620 million as of the third quarter. “This shows that our products are highly attractive to consumers in Central European markets,” Varik highlighted.
Varik noted that the interest rate environment is changing across Europe, prompting depositors to pay increasing attention to where their savings can earn the most competitive returns. “The interest rate environment has also changed in Estonia in recent quarters – the interest rates on term deposits have declined, which makes it important for depositors to carefully compare the offers available on the market. The best offer is usually not found at your home bank, and it may be wiser to move your deposit to a bank that offers a better interest rate. The Estonian banking sector is characterised by reliability and a strong sovereign rating, and deposits are protected under the European deposit guarantee scheme up to €100,000,” Varik explained.
As of the third quarter of this year, Inbank’s total deposit portfolio exceeded €1.3 billion, and the bank holds more than 120,000 deposit customer contracts in Estonia, Lithuania, Poland, Czechia, Austria, the Netherlands, and Germany. Inbank began raising deposits in Austria, the Netherlands and Germany in 2016, gradually expanding its funding base across Central European markets. Over the past year, Inbank’s deposit portfolio has grown by 13%.
CHECK24 is Germany’s largest online comparison portal, helping consumers conveniently and securely find suitable banking products and manage their finances more efficiently. The platform brings together a wide range of financial services – from deposits and consumer financing to various banking products. In addition, CHECK24 enables users to compare insurance, energy and telecommunications services and provides a comprehensive overview of other everyday service providers.
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,900 merchants, Inbank has 915,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
