Deutsche Bank has acquired Indian startup Quantiguous Solutions to help build an Open Banking platform connecting its corporate clients to third party partners.
All Quantiguous employees will join Deutsche Bank’s core team responsible for the development and roll-out of the global API programme.
“The future of banking depends on connectivity, which is key to drive growth for our global franchise,” said John Gibbons, Deutsche Bank’s 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.”
Four year-old Quantiguous has built a 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.
Thomas Nielsen, chief digital officer for global transaction banking at Deutsche Bank, commented that the acquisition is a significant step forward for the company’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,” he added.
Terms of the transaction were not disclosed.
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