DB1 Ventures, the Venture Capital arm of Deutsche Börse Group, has participated in the Series B financing round of the Hamburg-based FinTech company figo and is investing a seven-digit amount for a significant minority stake. Further investors are a group of unnamed business angels from Germany. figo raised €6.8 million in total in the current financing round.
Founded in 2012, 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 at DB1 Ventures stated: “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.”
“With Deutsche Börse as a partner, figo will gain new enhanced visibility in the industry,” said André M. Bajorat, CEO of figo GmbH. He continued: “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.”