Save® takes on BNP Paribas as an investor to fund its growing B2B business

By Edlyn Cardoza

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 that has partnered with Save on its Market Savings account.

Michael Nelskyla, CEO of 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.”

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.”

Deposit account holders and credit card users, today valued at $19 trillion and $4 trillion 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 proliferating, 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.

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.”

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, and increasing its portfolio range to include ESG investment strategies and dynamic absolute return strategies. Save will utilise 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.

“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.