TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
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.
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
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!