Deutsche Bank, the German investment bank and financial services recently announced the acquisition of its first Indian fintech startup, Quantiguous Solutions for an undisclosed amount. The acquisition was made as the bank looks to strengthen several divisions and applications.
Post the acquisition deal, all employees of Quantiguous will move to Deutsche Bank offices and will integrate the core team posted to develop and roll-out the bank’s global application programming interface (API).
“The future of banking depends on connectivity which is key to drive growth for our global franchise,” said head of global transaction banking, John Gibbons. “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,” he added.
With the integration of Quantiguous in Deutsche Bank business network, the German bank is looking forward to fasten the development of its open banking that forms the core for developing client applications and connecting corporate clients, fintech companies and partner companies to Deutsche Bank’s transaction banking platforms and services, according to the statement released.
Quantiguous is a Mumbai-based fintech company founded by Akhilesh Kataria in 2014. The startup specializes in facilitating machine-to-machine interactions via APIs and human-to-machine interaction on mobile devices. It provides a smart interface to cater the complex interactions between devices driven by improved connectivity, acceleration of digitization and proliferation of 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,” said Akhilesh Kataria, founder and CEO of Quantiguous Solutions.