On 23 September 2015, figo will be competing against four finalists at the Startups@Reeperbahn Pitch. Like the second Hamburg finalist Skybus, also figo will be promoting an advance interface solution. Initially developed as a banking app for consumers, figo turned into a b2b startup in 2014. Meanwhile, more than 300 developers are using the figo banking API (API = Application Programming Interface). By simplifying the integration , companies can connect their products and services to banks and develop custom-tailored banking services. The startup claims to offer FinTech services to more than 50 million online banking accounts.
figo – Finance to Go
The startup’s name “figo” – short for “finance on the go” reflects the initial business idea of an user-friendly banking app allowing to access several accounts via a central platform. This service is still offered to consumers. The app allows to check transactions and account details, to made transfers. Soon, also direct debit can be submitted. Access is possible for almost all accounts of German banks. figo intense to globalise this service.
Development of New Products Based on figo’s Technology
André M. Bajorat, figo’s co-founder and managig director, is quite pleased with the development of his banking API: “The latest figures, but especially the quality of the products which are developed based on the figo API, surpass all of our expectations. Credit card companies such as VISA, banks such as UBS, and a number of FinTech companies like auxmoney and account alerts have been developing products and applications based on the figo technology. “
From Berlin to Hamburg
With the startup’s growth, also premises were changed, with figo leaving Berlin for Hamburg in early 2014 . Talking to deutsche-startups.de, managing director Bajorat names the better integration into Hamburg’s startup scene as a key reason for moving to the Hanseatic city.
A Busy September
Right after the Startups@Reeperbahn Pitch, André M. Bajorat will be travelling to Vienna, where the Innovation Award 2015 will be granted on 24 September at the victor Congress. There, participants will be discussing the impact on digitisation on banking. figo will surely have answers.