figo

Category: Data aggregation

figo

About the company

Consumers demand convenience, want user-friendliness, recognize the added value of context-based banking, and are getting the freedom to decide in which services they want to use their bank data – neutral services outside the classic banking world are more popular than ever before: the seemingly inseparable connection of banks and “banking” is breaking up! In its place, figo has become Europe’s first banking service provider. In this context, with the intrinsic motivation of users and external factors such as the new EU Directive Payment Services Directive 2 (PSD2), figo’s ‘Banking as a Service’ platform is an efficient and effective solution provider.

With its business model, the Hamburg-based B2B company has opened the doors to the banks and is a company unlikely most any other in this new open banking world. Data from 3,200 financial sources such as bank accounts, credit cards, deposits, PayPal and FinTech companies can be reached via figo, with more to come. The PSD2 itself outlines a successful concept for the infrastructure provider. One aspect of the new EU directive is the Access to Account (XS2A), which requires banks to make bank data available to so-called third parties. With its multifunctional platform technology, figo provides technical solutions for complying with XS2A, meaning banks do not have to develop this interface themselves. The extensive management functions of this tool include all regulatory requirements. Banks can also use the figo ‘Banking as a Service’ platform to create their own innovative products themselves.

The combination of technology, regulation and community determines the strategic orientation of the company, putting figo on the way to becoming one of the first regulated FinTech companies within the PSD2. The objective is to assume the function of regulated account information and payment service provider for companies that are not regulated and to be a reliable outsourcing partner for those that are.

As the foundation for the banking of the future, figo is positioned as a reliable solution provider for banks, FinTech companies, e-commerce and software houses of all sizes. Compliance, data processing, full-service and business intelligence are key added values, with figo currently working with almost 40 experts every day.

figo opens and connects

figo opens up banking and payments and makes the infrastructure accessible for new use cases. With the banking platform, it is possible to read bank data, analyze financial sources, initiate transfers, verify account balances such as IBAN or balances, aggregate finance sources into one customer experience and categorize transactions. This allows partners, for example, to carry out credit checks or, at the request of the account owner, to offer individualised financial tips based on the data. Machine learning ensures ever more precise associations and thus a considerable added value for partners who create applications and products based on figo technology. In the next step, figo makes brokerage as simple as payment, breaking down these barriers and helping to present in a user-friendly context the complex securities business that were so complex until now.

Who is already on board?

figo has already won over partners from a wide variety of fields and convinced them of its technology. Renowned firms like Deutsche Bank or Payback are already among their partners. Likewise, young companies such as Auxmoney, Finanzcheck, Cringle, Bonify, Fino and Fincite now rely on figo. It is clear that thanks to figo, banking infrastructure is already the basis for a large number of new services and applications for customers.

Trust is also reflected in the list of investors. Deutsche Börse recently invested in figo. A neutral and strong strategic partner who will accompany figo going into the future. Likewise, top investors such as the High-Tech Gründerfonds, Carlo Kölzer (founder of the FX platform 360t) and Jörg Heilig (VP of Engineering at Google), all of whom of course have extensive industry know-how, are also involved.

Network

More than 1,000 developers, FinTech providers, companies, banks, payment service providers, and credit card providers and platforms already use figo technology. They are all part of a huge FinTech ecosystem that figo has built around itself. The ‘Bankathon’ series, organized by figo, has been a major contributor to the FinTech, banking and finance business, as well as a major community hub. figo networks various players in the financial sector: banks need partners to keep pace and use technologies that are not present in the bank itself, and for this the developer community is a source of inspiration. At the same time, FinTech’s partners, who enjoy widespread trust, need to deal responsibly with their money and their data, and from the consumer perspective that often still means the bank.

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