The Hamburg-based start-up, Figo, is one of three winners of the Innovators’ Pitch 2015. The contest for founders is organized by Get Started, a start-up initiated by the BITKOM digital association. The prize, now in its tenth year, rewarded the best business models and technologies in the FinTech, health and Internet of Things (IoT) for the first time. These sectors are witnessing very dynamic growth presently. The two other winners are GreenCitySolutions and VivoSensMedical.
Existing branches changing fundamentally
“Nine start-ups impressed both the jury and visitors to BITKOM today. Three particularly innovative ideas eventually won. They show that innovative, young companies from Germany have the potential to change the existing branch from the ground up,” said Niklas Veltkamp, Manager of Bitkom, in a statement on Thursday.
Figo aims to remove bank data from isolation in banks and make them useable across domains. Thus, the banking service provider is trying to clear the way for FinTechs to traditional banking and give banks access to innovative companies at the same time.
Figo “Finance to go”
The name of the start-up is an acronym for “finance to go” and is inspired by the founding concept of a banking app that gives users access to various online accounts. Figo’s customers can still avail of these functions. The app allows people to read up on their account turnover and other information, make transfers and lodge direct debits. Accounts at nearly all German banks can be accessed. Hamburg News reported on Figo’s business model earlier.
Apart from €5,000 in prize money, the winners also received free membership of Get Started, part of the German Association for Information Technology, Telecommunications and New Media (BITKOM), an invitation to pitch at the High-Tech-Gründerfonds as well as two months’ access to Deutsche Telekom’s exclusive hub:raum program.