Deutsche Bank has acquired Mumbai-based startup Quantiguous Solutions to help build an Open Banking platform connecting corporate clients to third party partners and its global transaction banking franchise.
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 programme.
“The future of banking depends on connectivity which is key to drive growth for our global franchise,” says John Gibbons, head of global transaction banking. “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.”
The four year-old Quantiguous has a strong track record of success within its home market, developing standardised interfaces and applications for Yes Bank, RBL Bank, and the National Payments Corporation of India among others.
Thomas Nielsen, chief digital officer, global transaction banking at Deutsche Bank, says: “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."
Terms of the transaction have not been disclosed.