In a series B financing round for the German banking service provider figo GmbH, the Corporate Venture Capital arm of Deutsche Börse Group, DB1 Ventures, is entering with a seven-digit amount for a minority stake of a total of €6.8 million raised by figo today.
The banking service FinTech firm figo builds banking infrastructure of the future, including API and products and service related to the amended Payment Services Directive 2 (PSD2).
MD & Head of Venture Portfolio Management and DB1 Ventures (Deutsche Börse), Ankur Kamalia, made the following statement: “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”, he added.
Greeting the new investors, André M. Bajorat, CEO of figo GmbH, is thankful for the visibility an investor like Deutsche Börse brings to the firm: “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”.
The German FinTech operator intends to bridge the gap between modern services of its customers and the high amount (55 million) of online banking accounts in Germany and Austria in a user-friendly way in the context of PSD2 and the related topic of XS2A.