UK-based Meniga Raise €7.5M in Funding Round Led By Nordic Venture
Meniga, a leading provider of digital banking technology for the world’s largest banks, raise a €7.5M funding round led by Nordic venture capital investor Industrifonden. Other participants in the round include current investors Velocity Capital, Frumtak Ventures and Kjolfesta.
Meniga’s digital banking platform helps banks use personal finance data to enrich their online and mobile customer experiences. Having pioneered white-label Personal Finance Management (PFM) in 2009, Meniga has since expanded its product offering to include data-driven card-linked offers, personalisation and other user-centric services designed to make online and mobile banking more engaging and useful. The funding will be used for continued investment in Meniga’s R&D activities, as well as for strengthening the sales teams to meet growing demand.
Using Meniga’s technology, banks can quickly introduce compelling new services into their digital offerings, such as Meniga’s award-winning Facebook-like Activity Feed or the new Fitbit-inspired Challenges module. It also sets them up to comply with upcoming regulation such as PSD2.
Meniga’s latest innovation, Personal Finance Challenges, helps banking customers build new habits and get financially fit — creating meaningful engagement between banks and their customers. By combining people’s financial profile, engagement analytics and personality traits the module recommends short term actionable challenges to make it social, easy and fun for people to manage their finances.
“Banks are facing up to the reality that their future competitors are not just traditional banks — but also Fintech startups, new challenger banks and technology giants like Apple, Facebook and Amazon. To compete effectively they must innovate faster and become better at using their data,” said Georg Ludviksson, CEO Meniga. “We have never seen higher demand for our solutions and innovation capability. The funding allows us to accelerate growth and work with more banks to help them pave the way for customers to engage through digital channels. Industrifonden is a great fit for Meniga and their team brings decades of experience to help us on our journey.”
Industrifonden’s investor Sofia Ericsson Holm will join Meniga’s board effective immediately.
“Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when many banks are forced to re-think their digital strategies. We are particularly excited about the opportunities in data-driven digital banking and proud to support the exceptional Meniga team,” said Sofia Ericsson Holm at Industrifonden, leading the investment.
Meniga is a global leader in white-label digital banking solutions. Meniga’s award-winning products enable the world’s largest financial institutions, such as Santander, Intesa, ING Direct, Commerzbank and mBank, to dramatically improve their online & mobile digital environment, enriching the user experience of over 40 million digital banking users across 18 countries. Meniga has developed a framework for next-generation digital banking around advanced data consolidation & enrichment, meaningful customer engagement and new revenue opportunities. Meniga’s offices are in London, Reykjavik and Stockholm. Meniga was awarded “Best of Show” at Finovate Europe, Europe’s most prestigious financial technology conference, in 2011, 2013, and 2015. Meniga was founded in 2009 and is headquartered in London, UK.
Source Meniga’s press release