Deutsche Bank buys India-based fintech start-up Quantiguous Solutions
Deutsche Bank buys Quantiguous Solutions, strengthening global transaction banking arm
On 15 May 2018 Deutsche Bank announced the acquisition of a Mumbai-based software company, Quantiguous Solutions, to strengthen its global transaction banking (GTB) franchise.
With the help of Quantiguous, the bank will accelerate the development of its open banking platform that forms the core for developing innovative client applications and connecting corporate clients, fintechs and partner companies to Deutsche Bank's transaction banking platforms and services.
"The future of banking depends on connectivity, which is key to drive growth for our global franchise," says GTB head John Gibbons. "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."
Thomas Nielsen, chief digital officer for GTB at Deutsche Bank, says the acquisition ups the game for the bank's open banking strategy. "The injection of this high-quality talent pool from Quantiguous into the bank's digital franchise will help us go to market faster."
"We are excited to become part of Deutsche Bank. This is an 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," said Quantiguous founder and CEO Akhilesh Kataria.
Deutsche Bank will take over all employees of Quantiguous, who will join the core team responsible for the development and roll-out of the transaction bank's global API programme. Deutsche Bank and Quantiguous did not disclose the value of the transaction.
Photo: Deutsche Bank
17 May 2018