1. Who are you?
André M. Bajorat, Co-Founder of figo. Active in the banking sector since 1996 – including senior management positions at Star Finanz and giropay.
2. Which services do you sell and who are your competitors?
With figo we aggregate the current finances of individuals and small businesses in a cloud-based account and present them intelligently. This so-called figo account (freemium) can then be used in our own offers, e.g. our elegant iOS app, or 3rd party services such as Billomat.
Competitors are, on the one hand, mobile apps such as Outbank or bank APIs such as Bankimport.
However, our idea goes far beyond what is described above.
3. How did you get your start-up idea and how did you finance your startup?
Markus had the initial idea of figo after a consulting project. More about it here: http://figo.me/unternehmen
4. What were the biggest challenges in starting?
They are not over yet, I think. But a major challenge in addition to gathering the financial resources is certainly putting together the right team.
5. What areas within FinTech do you personally find most interesting and why?
I strongly believe in smart solutions for consumers and there again very mobile-oriented. This may be due to my own history and affinity for the subject. But here I see a lot of potential, as banks have so far made inadequate progress in mobile banking.
I also believe in an idea of the bank as a platform to which the player can easily and quickly dock.
6. What opportunities do you see for FinTech startups in the DACH region, and how can we help to accelerate it?
I see a great opportunity if the established players continue to react so slowly. Hubs and communities in which these new players can interact with and learn from each other will certainly help. So far, there have sporadic, insulated startups in this area without much interaction- here I see great potential for better and more inter-connected approaches.
7. What tip would you like to give FinTech entrepreneurs?
Seek out experts from the industry to understand the background and the pain points. But do not let the possible concerns of the experts stop you from thinking new– rather, find solutions to resolve these pain points.