HTGF-backed Figo and Finleap-backed Finreach merge

Finleap, which is a Berlin-based incubator and investor, will invest a seven-figure sum to finance the transaction.

Finreach CEO Markus Dränert will lead the company, which will merge in 2019 and employ a total of 90 people. The management team will also comprise Figo chief risk officer Cornelia Schwertner and Finreach chief product officer Taner Akcok. André M Bajorat, the CEO of Figo up until now, will soon join the supervisory board of the new company.

All employees will be retained, including both companies' offices in Berlin and Hamburg.

Previous funding
Sherpa Capital, XMinus Partners and two business angels invested €100,000 in seed capital in Figo in 2012.

High-Tech Gründerfonds (HTGF) invested €500,000 in 2013. In 2015, Figo raised an undisclosed sum from HTGF and business angels.

HTGF led a €6.8m series-B funding round in 2016. Some business angels and the venture capital arm of Deutsche Börse Group DB1 also participated.

Regional bank Berliner Volksbank Ventures led a funding round for an undisclosed amount in 2017. HGTF, some business angels and DB1 Ventures also participated.

Finleap first became involved in Finreach when it invested an undisclosed sum in the company in a seed round in 2014.

Company
Figo is a Hamburg-based fintech firm 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. It is also a regulated institution under the Payment Services Supervision Act. The company was founded in 2012 and employs approximately 50 people.

People
Finreach Solutions – Markus Dränert (CEO).
Figo – Cornelia Schwertner, (CRO).

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• Topics
• Expansion
• DACH
• Technology
• Fintech
• Build-up
• High-Tech Gründerfonds
• Venture