Deutsche Bank has acquired India-based Quantiguous Solutions, an API solution developer for financial institutions.
Deutsche Bank has completed the deal to help bolster its global transaction banking franchise and increase development of its Open Banking platform. The value of the deal was undisclosed.
Quantiguous Solutions creates open banking solutions that help financial institutions to deploy smart and secure APIs to their corporates, partners and FinTechs. Founded in 2014, the company helps institutions to accept instant-money transfers, e-collection, fund transfers, online bill payments, remittances, instant credit service, prepaid cards, and sub-member bank payments, among others.
As part of the transaction, Quantiguous’ employees will all join Deutsche Bank and become part of the core team responsible for developing and rolling-out the transaction bank’s global API programme.
Deutsche Bank head of global transaction banking John Gibbons said. “The future of banking depends on connectivity which is key to drive growth for our global franchise. The need to provide an easy-to-use, seamless customer experience, with new digital services offered across a broad number of touchpoints has never been greater.”
Through the acquisition, Deutsche Bank hopes it can ‘significantly ups the game’ for its Open Banking strategy. Quantiguous’ team will help the bank go to market faster with its solution.
Quantiguous Solutions founder and CEO Akhilesh Kataria said, “We are excited to become part of Deutsche Bank. This is a remarkable opportunity for us to build an Open Banking platform on a global scale, with an international bank that is committed to the concept of Open Banking. We have always believed that this is the foundation for a connected financial ecosystem.”
Late last year, Deutsche Bank closed a €1m deal to pick up a 25 per cent stake in finance management platform Dwins.
Deutsche Bank made a selection of transactions in the FinTech space last year, including a 12.5 per cent stake in trade receivables company TrustBills and the sale of its private equity access fund to iCapital Network.
Copyright © 2018 FinTech Global
Copyright © 2018 RegTech Analyst
