German fintech company Figo has raised €6.8 million in a Series B round led by DB1 Ventures, the venture capital arm of Deutsche Börse Group, which will take a significant minority stake in the company. A group of unnamed business angels also participated.
Figo is a banking service provider that says it is focused on building the banking infrastructure of the future. The Figo Banking API is the access point for its ‘Banking as a Service’ platform which provides businesses with a number of advantages: access to financing, notification services, security, as well as user and customer management in a legally compliant space.
Germany poised to outpace the UK in fintech investment in 2016, according to data from KPMG and CB Insights. UK companies raised $78 million in the third quarter, compared with Germany’s figure of $108 million.
André M. Bajorat, CEO of Figo, said his company will use its new funding to push ahead with the internationalization of the company and further expand its products around PSD2 and other regulatory requirements.
Read more: EU-Startups