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
April 2016/Berlin WIRED Money Conference
2012: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
system.
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
Strategy
_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 enable eCommerce
(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
>99% Connectivity to financial services in Germany and
Austria
> 250.000 Users are in
touch with figo
43 paying partners
55m Accessible accounts
>700Developer teams
using the platform
2 countries
André M. BajoratE-Mail: Mobile:
[email protected] +49 172 4574783
Address figo GmbH Gaußstraße 190c 22765 Hamburg
Web www.figo.io @figoAPI
Let’s change the way we bank today!