The giant banking group has made another step to up its ‘disruptive’ tech credentials.
Deutsche Bank AG has acquired a 12.5 per cent equity stake in receivables auction platform TrustBills.
Despite being one of the world’s largest and most powerful banks, Deutsche Bank has been struggling in recent years from a string bad publicity, fines and scandals. Its response has - in part - been to announce several new programmes aimed at bringing greater innovation and digitisation to its core businesses.
The chief executive of Deutsche Bank John Cryan even told his staff back in September 2016 that they should be thinking more like a tech entrepreneur than a bank if they wanted to keep their jobs. Now it looks to be on the look out for fintech acquisitions, after buying a significant stake in TrustBills for an undisclosed sum.
Founded in 2015, the Germany based Fintech TrustBills is an electronic True Sale marketplace for national and international trade receivables. The Hamburg-based firm has international expansion goals and was founded business consultancy Maravon GmbH who specialise in digitalisation of banking business models and financial market places.
Michael Spiegel, Head of Global Transaction Banking Germany, Deutsche Bank, said: “Advancements in technology will significantly change the trade finance market. The digital solution offered by TrustBills is an excellent add-on to our value proposition in corporate banking.
Joerg Hoerster, Founder and CEO of TrustBills said: “We are very pleased that Deutsche Bank invests in TrustBills. Deutsche Bank’s position as one of the world’s largest trade finance banks will provide a great basis for the international roll out of TrustBills.”