Europe's 1st banking infrastructure service provider secures Series B financing round
The Background FinTech is booming and will presumably continue to show strong growth. figo with its ‘Banking as a Service’-platform builds a bridge between the modern and innovative services of its clients and the more than 55 million online banking accounts in Germany and Austria. figo’s special API already links FinTechs, banks and corporates with traditional banking infrastructures in order to connect and thereby develop innovative banking services.
The Deal figo successfully closes a Series B financing round. The investors were Deutsche Börse AG with its investment vehicle DB1 Ventures and reputable German business angels. In total figo raised around EUR 6.8m in the current financing round. IEG has acted as exclusive financial advisor to figo.
The Partners figo is the first banking service provider in Europe to enable third parties to use innovative services with banking functions. Deutsche Börse Group is one of the largest exchange organizations worldwide. It organizes markets characterized by integrity, transparency and safety for investors and companies.
The Prospects André Bajorat, CEO at figo, states: "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."
IEG's experienced and very well-connected FinTech team has been the perfect partner for us during the entire transaction with Deutsche Börse. Their technical understanding of our business was more than helpful and has accelerated the process vastly. Such an efficient support is very important in order to stay focused on the daily business and to ensure rational decision making - especially when…