Berliner Volksbank in round for Figo

High-Tech Gründerfonds (HTGF), business angels and DB1 Ventures, which was also involved in a series-B round in November 2016, also invested.

Figo will use the extra capital to develop a regulated fintech platform that conforms to the Payment Services Directive 2. According to a press release, the deal makes Berliner Volksbank the largest regional bank to invest in "open banking" technology.

The deal was co-ordinated by Berlin-based VC Redstone Digital.

Previous funding
In December 2012, a consortium consisting of Sherpa Capital, Xminus Partners and two business angels invested €100,000 in seed capital in Figo to kickstart its development. In May 2013, HTGF invested an extra €500,000. HTGF then reinvested alongside business angels in November 2015 to provide a seven-digit sum with the goal of expanding operations into other European countries. Finally, DB1 led a series-B round of an undisclosed amount in November 2016.

Company
Figo is a Hamburg-based fintech that develops a banking platform to provide a range of financial services to its users. The platform integrates third-party systems allowing clients to advertise their services as well as share information with their networks.

People
Berliner Volksbank Ventures – Timo Fleig (CEO).
Figo – Andre Bajorat (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Technology
• Germany
• Venture
• High-Tech Gründerfonds