figo GmbH – FinTech startup successfully completes financing round
figo GmbH, Europe’s first banking service provider, successfully completed another financing round. In addition to High-Tech Gruenderfonds (HTGF), the new investment syndicate consists of Carlo Koelzer, founder of professional e-trading platform 360T, and Joerg Heilig, Vice President of Engineering at Google. This financing round sets a milestone for the Hamburg-based FinTech startup. The team is now set to strengthen the German market position and to capture the financial sector in Europe, taking advantage of newly emerging regulatory Standards.
Europe’s foremost banking service provider delivers its service offer through a proprietary API. The figo API easily integrates with third-party systems, allowing clients to link their products and services to over 3,100 banks and other financial service providers. Figo’s sophisticated ‘Banking-as-a-Service’ platform connects modern services with more than 50 million online banking accounts.
“figo has recognized the opportunities arising from regulatory changes and the requirements they entail. figo not only provides an established banking API, but 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. Hence my decision to invest”, states Carlo Koelzer.
As a founder of the e-trading platform 360T, Carlo Koelzer is a main player in the digitalization of the financial and the FinTech sector. As such, he is well aware of the potential inherent in the financial industry and of figo’s pioneering rôle.
“We are very proud to be able to close this financing round successfully. It means so much more than just additional growth capital. The support of such renowned investors confirms the increasing significance of our business model. During the coming eighteen months, we will focus on developing our products and strengthening our presence in the European markets. Additionally, we are actively seeking further partners and fostering innovation within the financial industry”, says André M. Bajorat, CEO of figo GmbH.
“In addition to Joerg Heilig’s expertise, we can benefit from Carlo Koelzer’s network and his reputation in the FinTech sector”, explains Heiko Rahlfs, CFO at figo GmbH. “Moreover, HTGF remains optimistic about our company’s development prospects and continues to be supportive and involved.”
“The figo team has been doing an outstanding job. We are certain that the growth achieved during the past year will not only continue, but will gather pace”, affirms Stefan Wendel, Senior Investment Manager at HTGF.
For further information about figo, please visit www.figo.io.
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About High-Tech Gründerfonds
High-Tech Gründerfonds invests risk capital in young, promising technology companies, who convert promising research results into enterprise. With the help of seed finance the start-ups should carry out the R&D right through to the production of a prototype or a “Proof of Concept” or market launch. Each receives 500,000 Euro from the fund initially; in total up to two million Euro per company are available. Investors in the Public-Private Partnership are the Bundesministerium für Wirtschaft und Technologie (Federal Ministry of Economics and Technology), the KfW Banking group and the following 17 businesses ALTANA, BASF, Bayer, B. Braun, Robert Bosch, CEWE, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gründerfonds has a total fund available of around 576 million EUR (272 million EUR Fund I and 304 million EUR Fund II).