has announced the acquirement of an equity stake in , thus expanding towards non-bank payment platforms. As per the agreement, Deutsche Bank will start focusing on mobile wallets and peer-to-peer networks. Modo’s technology will support Deutsche Bank’s strategy to grow its transaction banking franchise by expanding its existing digital business-to-business and business-to-customer payments business. Deutsche Bank, which currently focuses mainly on commercial and investment banking, retail banking, and transaction banking, will be able to extend payments beyond traditional banking channels, into non-bank payment platforms such as Alipay, Paypal, M-Pesa, and We Chat.
Deutsche Bank has expanded its interest in non-bank payment platforms by buying an equity stake in US start-up, ModoPayments. The bank will now focus more on mobile wallets and peer-to-peer networks, using Modo's technology to help expand its business-to-business and business-to-customer digital payment services. In a statement, the company said it was "pleased that we have been able to secure this investment from one of our largest financial institutions".