German banking major Deutsche Bank has acquired Indian fintech startup Quantiguous Solutions as part of its strategy to build its open banking platform.
Financial terms of the transaction have not been disclosed.
The platform will enable the lender to connect corporate clients to third party partners and its global transaction banking platforms and services.
Under the terms of the agreement, all staff of Quantiguous will be transferred to Deutsche Bank, who will join the core team, engaged in developing development and launching the transaction bank’s global API programme.
Commenting on the deal, Deutsche Bank head of global transaction banking John Gibbons said: “The future of banking depends on connectivity which is key to drive growth for our global franchise.
“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.”
Quantiguous Solutions founder and CEO Akhilesh Kataria said: “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.”