Deutsche Bank has acquired Mumbai-based fintech startup Quantiguous Solutions. The bank said in a press statement that the move will strengthen its global transaction banking franchise. “With the help of Quantiguous, the bank will accelerate the development of its Open Banking platform,” the bank said in a statement.
As part of the acquisition, Deutsche Bank will take over all employees of Quantiguous, who will join the core team responsible for the development and roll-out of the transaction bank’s global API programme. The bank and Quantiguous didn’t disclose the value of the transaction.
Quantiguous was founded in early 2014 by Akhilesh Kataria and it provides machine-to-machine interactions via APIs and human-to-machine interactions and human to machine interactions on mobile devices. Its enterprise apps include Service First, which helps manage the life-cycle of service requests, complaints and tasks of an organisation. The other one is API Banking, which provides a user interface to configure the behaviour of services (Service Center), a monitoring (Surveil), a testing tool with pre-baked test plans for quality assurance (Okay & Ditto), and a deployment tool for your change management teams (Enwrap).
John Gibbons, Head of Global Transaction Banking spoke of the importance of this acquisition, “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.”
This is Deutsche Bank’s first acquisition in India, which was reportedly stitched together after the Germany-based company first initiated talks. The startup has worked with Yes Bank and RBL Bank, according to its website.