Save® takes on first institutional investors to fund its growing B2B business as global demand for yield accelerates

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Dec 08, 2022, 08:00 ET

Round led by BNP Paribas, Europe's leading financial institution

HOUSTON, Dec. 7, 2022 /PRNewswire/ -- 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.

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.

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.

About Save®

Save® Advisers, LLC ("Save®") is an SEC-registered investment advisor and banking solutions provider that is bringing sophisticated investments to consumers looking for higher returns on their savings without risks of the stock market. Save was created by a team of financial industry veterans and technologists with experience at such well-respected financial firms and organizations as Goldman Sachs, UBS, and NASA. Learn more at www.joinsave.com. Follow and connect with Save on LinkedIn, Facebook, Instagram, and Twitter.

About Webster

Webster Bank ("Webster") is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

About BNP Paribas

BNP Paribas is the European Union's leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group's commercial & personal banking and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporate and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.