16 May 2018, India:
Deutsche Bank has acquires Mumbai based fintech startup Quantiguous. The deal size has not been disclosed yet.
Deutsche Bank said in press release it has acquired Quantiguous to strengthen its Global Transaction Banking 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 Bank’s Transaction Banking platforms and services.
As a part of deal all employees of Quantiguous will join the Deutsche Bank core team and will be responsible for the development and roll-out of the transaction bank’s global API programme.
John Gibbons, Head of Global Transaction Banking said, “The future of banking depends on connectivity which is key to drive growth for our global franchise.”
John Gibbons added, “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, Global Transaction Banking at Deutsche Bank said, “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.”
Akhilesh Kataria, Founder and CEO, Quantiguous Solutions 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.”
Quantiguous was founded by Akhilesh Kataria in 2014. The startup creates turnkey solutions for machine to machine interactions via APIs and human to machine interactions on mobile devices.
(Image – Forbes)