DB1 Ventures, the corporate venture capital arm of Deutsche Börse Group, has taken part in a Series B financing round for the Hamburg-based FinTech company figo GmbH and is investing a seven-digit amount for a significant minority stake, a press release said Thursday (November 24). Other investors include reputable business angels from Germany. figo raised around EUR 6.8 million in total in the current financing round.
Promoting firm’s internationalisation
Commenting on the investment, Ankur Kamalia, MD & Head of Venture Portfolio Management and DB1 Ventures, Deutsche Börse, said: “The figo team led by André Bajorat has made clear the opportunities that exist for virtually every player in the financial sector and the enormous potential that PSD2 implementation offers to European industry. In a changing financial landscape, figo has established itself as a reliable partner and has built up a fantastic FinTech ecosystem around itself. We look forward to supporting their growth and also learning from the innovation they are driving.”
In reference to the new investors, André M. Bajorat, CEO of figo GmbH, noted: “Deutsche Börse represents a perfect partner for figo – a financially involved investor that is at the same time a strategic partner. No other player of this type in the financial services sector stands for neutrality and is at the same time an infrastructure provider. With Deutsche Börse as a partner, figo will gain new enhanced visibility in the industry.”
Figo bridging gap to 55 million online banking accounts
figo is Europe’s first banking service provider and offers third parties innovative services with banking functions. By integrating the figo Banking API, they can quickly link their applications, products and services to over 3,100 financial sources. This interface is the key to a multi-banking financial platform, which guarantees users a comfortable and, above all, secure handling of banking data. The “Banking as a Service” platform allows figo to bridge the gap between its customers’ modern services and more than 55 million online banking accounts in Germany and Austria.