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Figo Announces New “Seven Figure” Financing Round

Figo_homepage_November2015

While the amount of the investment remains undisclosed, German banking-as-a-service specialist Figo this week announced it had completed a “seven-figure” funding round.

Participating in the investment were High-Tech Gruenderfonds (HTGF), 360T founder Carlo Koelzer, and Joerg Heilig, VP of Engineering at Google.

Figo GmbH CEO Andre M. Bajorat said the investment would help the company gain European market share and support further product development. CFO Heiko Rahlfs emphasized that the investment would bring both technical talent and industry connections to the company. “In addition to Joerg Heilig’s expertise,” Rahlfs said, “we can benefit from Carlo Koelzer’s network and his reputation in the fintech sector.”

figo_stage_FEU2013

Figo founder Markus Ludemann demonstrated the figo-API at FinovateEurope 2013 in London.

Koelzer praised the way Figo leveraged regulatory changes to provide “not only an established banking API, but also an entire banking services platform, supporting a vast number of innovative banking solutions.”

“I believe in the significance and the positive impact of the change in this sector,” Koelzer said. “Hence my decision to invest.”

Calling itself the first banking service provider in Europe, Figo provides an API that integrates readily with third-party systems, enabling businesses to connect their goods and services to more than 3,000 banks and financial service providers. The banking-as-a-service platform connects services to more than 50 million online banking accounts.

Figo demonstrated its API at FinovateEurope 2013 (as Lean Banking), before pivoting to focus on B2B solutions. Founded in August 2012, Figo is headquartered in Hamburg, Germany.