DB1 Ventures, the corporate venture capital arm of Deutsche Borse, has invested a seven-digit amount in German fintech firm figo for a significant minority stake.

In the latest Series B financing round, in which other German investors also participated, figo raised around €6.8m in total.

figo is a banking service provider focused on building the banking infrastructure of the future. It has developed a dynamic fintech ecosystem and has generated a new standard for linking financial data.

In addition to the banking API, the company offers clients and partners various products and services within the context of the amended Payment Services Directive 2 (PSD2).

Ankur Kamalia, head of venture portfolio management at Deutsche Börse, said: "The figo team led by André Bajorat has made clear the opportunities that exist for virtually every player in the financial sector and the enormous potential that PSD2 implementation offers to European industry.

"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."

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André Bajorat, CEO of figo, said: "Deutsche Börse represents a perfect partner for figo – a financially involved investor that is at the same time a strategic partner. No other player of this type in the financial services sector stands for neutrality and is at the same time an infrastructure provider. With Deutsche Börse as a partner, figo will gain new enhanced visibility in the industry.

"With the funds from the Series B financing round, we will push ahead with the internationalization of the company and further expand our products around PSD2 and other regulatory requirements."