Deutsche Bank has acquired Quantiguous Solutions, a Mumbai-based software company, to strengthen its Global Transaction Banking franchise, according to a released statement.
As part of the acquisition, 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 program. The deal value was not disclosed.
Deutsche wants to accelerate the development of its Open Banking platform that forms the core for developing client applications and connecting corporate clients, fintechs and partner companies to the German bank’s Transaction Banking platforms and services.
“This acquisition significantly ups the game for Deutsche 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”, said Thomas Nielsen, chief digital officer, Global Transaction Banking at Deutsche Bank in a statement.
The Indian fintech specializes in machine to machine interactions via APIs and human to machine interactions on mobile devices.
“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”, added Akhilesh Kataria, founder and CEO, Quantiguous Solutions in a statement.