figo: OUR WAY FROM ENEMY TO SUPPLIER AND PART OF THE „SYSTEM“
OUR WAY FROM ENEMY
TO SUPPLIER AND PART OF THE „SYSTEM“
FIGO IS THE FIRST „REGULATED“ BANKING SERVICE PROVIDER IN EUROPE
Picture by Kuster & Wildhaber Photography, ﬂickr
WIRED Money Conference
ﬁgo started as the nicest
consumer banking-app in
Germany - in a legal grey area.
The objective was to become the user’s ﬁnancial home and
replace the bank as a front-end.
5 years later:
ﬁgo will be the ﬁrst regulated
Banking Service Provider in
Europe and is part of the
How could that happen?
A genius strategy
or did it happen by chance?
_Problems with the big „A“ in 2013
_Start of the FinTech boom in 2014 and there was an existing
problem in the market
_New regulatory framework with PSD2 in the EU at the end of 2015
_Change in mindset at ﬁnancial institutions/banks
_Good decision regarding the infrastructure in 2012
_The pivot: We changed a „P“ against a „I“ (APP -> API)
_New team and cap-table
_Great business angels, seed investors and new additional investors
ﬁgo is a b2b player
We enable banking
Comparable to Payment
Service Provider that
(e.g. Adyen, Stripe or Wirecard)
The use cases based on ﬁgo’s platform
demonstrate banking in the „right“ context
> 700 partners and developers
are using the platform right now:
banks, CC-schemes, PSPs, corporates, FinTechs,
credit bureaus, ISVs, single devs etc.
What we achieved this far
37m API calls
in March 2016
Connectivity to ﬁnancial
services in Germany and
Users are in
touch with ﬁgo
using the platform
The latest news: ﬁgo is part of your
Online-Banking at Deutsche Bank
and there is more to come!
André M. Bajorat
+49 172 4574783
Let’s change the way we bank today!