Figoapi

About Figoapi

Figo GmbH operates as a European Banking-as-a-Service provider, offering a platform that bridges traditional banking with modern financial applications. Founded in 2011 and headquartered in Hamburg, Germany, the company developed a sophisticated API that connects applications and services to over 3,100 financial institutions across Germany and Austria. André M. Bajorat joined as a business angel in 2012 and later became CEO, leading the company from a b2c app to a BaFin-regulated entity.

Figo's core business revolves around providing developers and businesses with a single, unified API to access financial data, such as bank accounts, credit cards, and payment services. This enables clients, which include FinTech startups, banks, and e-commerce companies, to build and integrate their own financial products and services efficiently. The platform is designed to handle the technical and regulatory complexities of open banking, including compliance with the Payment Services Directive 2 (PSD2). For companies without their own financial license, Figo offers a model where it acts as the regulated entity, ensuring services like account information (AIS) and payment initiation (PIS) are PSD2-compliant.

The business model allows partners to reduce development time and costs significantly by using Figo's established infrastructure. By simplifying access to financial data, Figo facilitates the creation of services such as real-time credit scoring, automated subscription management, and integrated payment solutions. The company was acquired by Qwist in August 2019. It appears the figo.io domain now redirects to Figo AI, which provides a broader suite of digital banking and fintech solutions.