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".
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. Deutsche Bank reportedly hopes to take advantage of such payment platforms as Alipay and PayPal, in addition to its existing services.