Deutsche Bank: takes stake in US fintech Modo
(CercleFinance.com) - German banking giant Deutsche Bank is taking a stake in the US-based fintech company ModoPayments in a bid to grow its transaction banking franchise.
Modo's technology will help the bank expand its existing digital B2B and B2C payments business, Deutsche said.
In particular, Deutsche Bank will be able to extend payments into non-bank payment platforms such as Alipay, Paypal, M-Pesa and WeChat beyond traditional banking channels, e.g. payment transactions to mobile wallets and peer-to-peer networks, it said.
Headquartered in Dallas, Texas, Modo was founded in 2010.
The terms of the deal were not disclosed.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Modo's technology will help the bank expand its existing digital B2B and B2C payments business, Deutsche said.
In particular, Deutsche Bank will be able to extend payments into non-bank payment platforms such as Alipay, Paypal, M-Pesa and WeChat beyond traditional banking channels, e.g. payment transactions to mobile wallets and peer-to-peer networks, it said.
Headquartered in Dallas, Texas, Modo was founded in 2010.
The terms of the deal were not disclosed.
Copyright (c) 2018 CercleFinance.com. All rights reserved.