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Its second fintech investment of the year, Deutsche invests an undisclosed amount in the Dallas-based mobile payments platform provider. Prior to the announcement, ModoPayments had raised a total of $11.3m.
While Deutsche Bank has fallen out of favor with investors, the valuations of companies more focused on the global trend toward mobile and digital payments have rocketed. Earlier this month, Germany’s largest bank by assets was overtaken in market value by Wirecard AG, a Munich-based startup with only 5 percent of its revenue. The move expands the lender’s existing digital payments business which sends funds between companies and consumers. Deutsche Bank said the deal will help it connect to platforms run by Jack Ma’s Alipay, Tencent Holdings Ltd.’s WeChat, PayPal Holdings Inc. and M-Pesa.
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