Meniga picks up €7.5m to help banks adapt to FinTech

Digital banking platform Meniga has picked up €7.5m in a round led by Nordic VC Industrifonden. Existing backers Velocity Capital, Frumtak Ventures and Kjolfesta also participated.

Based in London with offices in Reykjavik and Stockholm, Meniga aims to help traditional banks survive in the face of tech disruption by bridging the gap between legacy infrastructure and modern APIs.

This enables them to use personal finance data to enrich their online and mobile customer experiences as well as prepare for upcoming PSD2 regulation that will require banks to open up their data for startups to access and build services around.

Meniga CEO Georg Ludviksson commented: “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.”

He added: “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’s investor Sofia Ericsson Holm will join Meniga’s board as a result of the deal.

The company already works alongside major banking firms across 18 markets such as Santander, Intesa, ING Direct, Commerzbank and mBank.

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