After DZ BANK invested in the German FinTech TrustBills already in 2016, today Deutsche Bank AG announced the acquisition of a 12.5 percent share interest in the receivables auction platform TrustBills. Founded in 2015, the Germany based FinTech TrustBills is an electronic True Sale marketplace for national and international trade receivables. TrustBills' goal is to become an international receivables market place for companies of all sizes. Terms of the agreement are not being disclosed.
Commenting on the investment, 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."
"We welcome the investment of Deutsche Bank which will further boost particularly the company's internationalisation. The corporate clients of the cooperative banks and DZ BANK who export globally will benefit from it", says Gottfried Finken, Global Head of Structured Finance at DZ BANK.
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."
TrustBills is a FinTech company based in Hamburg, Germany. Based on a digital auction platform, TrustBills offers a fast and easy to operate digital auction platform for trade receivables and enables investors and asset managers direct access to this asset class without securitization.