German lender Deutsche Bank today said it has acquired Quantiguous Solutions, a city-based startup, for an undisclosed sum to help it service the corporate clients better.
The acquisition of the 2014-incorporated Quantiguous is aimed to accelerate development of the 'open banking' platform which will help connect corporate clients, and financial technology and partner companies, an official statement said.
It will strengthen the global transaction banking franchise for the bank, the statement said.
Quantiguous counts private sector lenders Yes Bank and RBL Bank among its clients. The company website says it was started to create "smart interfaces" for clients.
"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," the company's founder and chief executive Akhilesh Kataria said.
He added that open banking is the foundation for a connected financial ecosystem.
Deutsche Bank will be absorbing all the employees who will join the core team responsible for the development and roll-out of transaction bank's global API programme, the statement said.
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