Troubled German banking giant Deutsche Bank is making an investment in the FinTech space and taking a 12.5% stake in trade receivables marketplace TrustBills.
The Hamburg-based company offers an electronic auction platform for selling international receivables of companies to institutional investors.
Deutsche Bankâ€™s head of global transaction banking Germany Michael Spiegel said: “Advancements in technology will significantly change the trade finance market.
â€œThe digital solution offered by TrustBills is an excellent add-on to our value proposition in corporate banking.”
The startupâ€™s founder and CEO Joerg Hoerster said Deutsche Bank’s position as one of the world’s largest trade finance banks will â€œprovide a great basis for the international roll out of TrustBills.”
The financial terms of the deal are undisclosed. It follows Frankfurt-based DZ Bankâ€™s acquisition of 25% of TrustBills.
DZ Bankâ€™s head of structured finance Gottfried Finken commented on the deal: “We welcome the investment of Deutsche Bank which will further boost particularly the company’s internationalisation.â€
Adding: â€œThe corporate clients of the cooperative banks and DZ Bank who export globally will benefit from it.”
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