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German-based fintech company Figo announced that it has secured more than $7 million in Series B funding from Deutsche Börse Group in a drive towards Payments Services Directive strategies (PSD2).
Figo also secured additional investments coming from DB1 Ventures, the Corporate Venture Capital arm of Deutsche Börse Group. The company’s fintech services to help support firms overall PSD2, will impact multilateral interchange fees (MIFs). According to a statement by DB1 Ventures’ MD and Head of Venture Portfolio Management, Ankur Kamalia, the investment by Deutsche Börse Group is an endorsement of PSD2’s implementation.
“In a changing financial landscape, figo has established itself as a reliable partner and has built up a fantastic fintech ecosystem around itself. We look forward to supporting their growth and also learning from the innovation they are driving,” Kamalia added.
PSD2 is currently one of the key instigators of a global move to help open up banking that is gradually forcing traditional banks’ hands in offering heightened access to account information. It aims to facilitate innovative payment initiation and account aggregation services.