The Hamburg-based B2B fintech Figo and the Berlin-based Fintech platform Finreach Solutions are joining forces to become the leading B2B platform for software-as-a-service (SaaS) applications and API solutions, a press release said Tuesday (March 5, 2019). The merger is subject to the approval of regulatory authorities. The branches and teams in both cities are to be retained.
Open banking platform with B2B focus
Figo is a pioneer of smart data connectivity, open banking and licence-as-a-service and has a PSD2 licence for ten European countries. Finreach is a subsidiary of the Finleap incubator in Berlin and specializes in B2B SaaS solutions such as digital account switching for banking partners. Markus Dränert, CEO of Finreach Solutions, said: “We are responding to the growing demand in the market for specific applications that go beyond pure data connectivity with our merger. Our goal is to become the leading fintech platform that delivers high-quality SaaS applications and API solutions – Europe-wide and PSD2-licensed.” Figo and Finreach target mainly industries with end users as customers and now aim to offer them innovative financial solutions.
Branches in Hamburg and Berlin to be retained
The new management board will consist of Markus Dränert (CEO), Cornelia Schwertner, previously head of risk at Figo, and Taner Akcok, product manager at Finreach. André M. Bajorat, former CEO of Figo, will join the supervisory board and strengthen the Finleap team. Finleap will also invest a seven-figure sum in the new company. The branches in Berlin and Hamburg including the teams will be retained. The overall team will increase to around 90 employees as a result of the merger.