German fintech services company figo has raised €6.8m in a Series B round of funding.
Investment for the Hamburg-based startup comes from DB1 Ventures, the Corporate venture capital arm of Deutsche Börse Group.
The firm will take a ‘significant’ minority stake in figo as a result of the deal.
The company aims to offer banking-as-a-service by helping financial institutions and banks to offer modern services through its banking API.
It says that it sources these services from more than 3,1000 banks and financial institutions and connects services to more than 55m online bank accounts.
Deutsche Börse head of venture portfolio management and DB1 Ventures Ankur Kamalia said, “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 also learning from the innovation they are driving,”
The investment comes in the wake of the PSD2 ruling that seeks to encourage more open banking and make it easier for banks customers to use third-party providers to manage their finances.
Figo aims to help banks implement their strategies and integrate modern banking APIs into legacy systems.
The round brings figo’s total funding to $12m with it most-recently raising $4m in a Series A round from investors including High-Tech Gruenderfonds.
It says the capital will be used to push into new international markets beyond Germany and Austria.
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