Meniga, which helps consumers improve their financial lives, has successfully registered as an Account Information Service Provider by the UK’s Financial Conduct Authority (FCA).
With this certification, the company is a verified open banking service provider, helping it expand its product offerings to customers beyond the financial services space.
The FinTech already works with numerous non-traditional providers of financial advice in the Nordics, including insurers and retailers.
This new approval from the FCA enables to offer account information services such as the aggregation of account and transaction data from financial institutions. It also allows it to support institutions not licensed by the FCA but wish to engage with end-users on their finances, such as retailers and telecommunication firms.
This license will help it extend its ability to offer open banking services and engage with new partners including insurers, telcos, retailers, and credit scoring & lending institutions.
New services from the company will include licensed data retrieval, insights and analytics, and an API.
Meniga CEO and co-founder Georg Ludviksson said, “The FCA license is an important milestone for Meniga. We will now be able to test new innovations against the Open Banking APIs and with real use cases, which will help us develop products of outstanding quality.
A top priority of ours has always been to constantly improve, and we are now even better equipped to do so across multiple sectors and in line with technological advancements, to meet the rapidly evolving needs of the end consumer.”
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