figo: OUR WAY FROM ENEMY TO SUPPLIER AND PART OF THE „SYSTEM“
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figo started in 2012 as a consumer banking app but faced legal issues. By 2016, figo became the first regulated Banking Service Provider in Europe through a mix of chance due to market changes and strategic pivots, including changing their focus to an API. As a B2B player, figo enables banking for over 700 partners and developers through their platform, which processes over 37 million API calls per month across Germany and Austria.
figo: OUR WAY FROM ENEMY TO SUPPLIER AND PART OF THE „SYSTEM“
- 1. 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
- 2. 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.
- 3. 5 years later: figo will be the first regulated Banking Service Provider in Europe and is part of the system.
- 4. ??? How could that happen? A genius strategy or did it happen by chance?
- 5. !!!A mixture
- 6. 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
- 7. 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
- 8. ???And what is figo?
- 9. figo is a b2b player We enable banking Comparable to Payment Service Provider that enable eCommerce (e.g. Adyen, Stripe or Wirecard)
- 10. 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.
- 11. 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 >700 Developer teams using the platform 2 countries
- 12. The latest news: figo is part of your Online-Banking at Deutsche Bank and there is more to come!
- 13. André M. Bajorat E-Mail: Mobile: amb@figo.io +49 172 4574783 Address figo GmbH Gaußstraße 190c 22765 Hamburg Web www.figo.io @figoAPI Let’s change the way we bank today!