Germany stock exchange Deutsche Börse has participated in a funding round for local FinTech startup figo, reports said Wednesday (Nov. 23).
Figo has developed an API for banks that supports the revised Payment Services Directive (PSD2). In total, the firm’s Series B funding round yielded $7.17 million, reports said. Deutsche Börse didn’t reveal exactly how much it provided.
“The figo team led by [CEO] André Bajorat has made clear the opportunities that exist for virtually every play in the financial sector and the enormous potential that PSD2 implementation offers to European industry,” said Deutsche Börse MD and Head of Venture Portfolio Management and DB1 Ventures Ankur Kamalia in a statement. “In a changing financial landscape, figo has established itself as a reliable partner and has built up a fantastic FinTech ecosystem around itself.”
“We look forward to supporting their growth and learning from the innovation they are driving.”
In another statement, Bajorat pointed to the support that Deutsche Börse can now lend to figo.
“Deutsche Börse represents a perfect partner for figo — a financially involved investor that is, at the same time, a strategic partner,” the executive said. “No other player of this type in the financial services sector stands for neutrality and is, at the same time, an infrastructure provider. With Deutsche Börse as a partner, figo will gain new enhanced visibility in the industry.”
The CEO noted that, with the latest funding, figo will look to grow internationally and expand its offerings for banks to support their migration to comply with PSD2 and other regulations.