New Investment Enables Further Expansion into Data Driven Personal Finance & Targeted Marketing products
Meniga, a leading provider of digital banking technology for the world’s largest banks, raises 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 Europe 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 proceeds 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 banks, 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.
“Banks are facing up to the reality that their future competitors will not just be traditional banks – but also include 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 transform the way they engage with their customers 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 for being 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 team,” said Sofia Ericsson Holm at Industrifonden, leading the investment.