DB1 Ventures, the Corporate Venture Capital arm of Deutsche Börse Group, has participated 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. Further investors are reputable business angels from Germany. figo raised around €6.8 million in total in the current financing round.
figo is a banking service provider focused on building the banking infrastructure of the future. In addition to the Banking API, the company offers clients and partners various products and services within the context of the amended Payment Services Directive 2 (PSD2).
Ankur Kamalia, MD & Head of Venture Portfolio Management and DB1 Ventures, Deutsche Börse, commented of the investment:
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.
André M. Bajorat, CEO of figo GmbH, added:
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. With the funds from the Series B financing round, we will push ahead with the internationalization of the company and further expand our products around PSD2 and other regulatory requirements.
Dr. Marc Umber, investment manager at the High-Tech Gründerfonds, concluded:
We have been watching figo for several years now. It is a great confirmation for us to see how a company can develop when the right people come together with a common vision at the right time. The figo team has shown how successful you can be with the right mindset.