Deutsche Bank has become the latest bank to publicly build alliances in the SCF technology space by taking a 12.5 % stake in TrustBills, the Hamburg-based online auction platform for trade receivables that was launched in 2015 by CEO Joerg Hoerster.
Hoerster and his team are expected to use the relationship to help drive rapid growth in global markets outside Trustbills’ home territory. “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,” he said.
For Deutsche Bank, the investment offers a technology foothold in the growing global market for supplier finance. As Michael Spiegel, Head of Global Transaction Banking Germany at Deutsche Bank, put it, Trustbills provides “an excellent add-on to our value proposition in corporate banking.”
Deutsche Bank’s investment, revealed this week, follows an earlier move by DZ Bank to buy 25% of the business in 2016.