Meniga secures €8.5m in funding to boost product development

Meniga, a digital banking solution developer, has closed an €8.5m strategic investment to aid its research and development efforts.

The capital injection was led by its customers Groupe BPCE, the second-largest banking group in France, Grupo Crédito Agrícola and UniCredit.

Additional support came from previous Meniga backers investors Velocity Capital, Industrifonden & Frumtak Ventures.

With the new capital, the company will increase its R&D efforts and bolster its sales and service teams to meet rising demand.

Meniga helps banks and FinTechs to leverage personal finance data to improve their online and mobile channels. The company’s solutions include data aggregation technologies, personal and business finance management solutions, cashback rewards and transaction-based carbon insights.

Meniga CEO and co-founder said Georg Ludviksson, “Partnering closely with our customers is a key part of our strategy to be the preferred digital innovation partner to our clients. An equity relationship is an excellent way to strengthen such partnerships.

“We appreciate the continued vote of confidence and growing business we have with our impressive global client base.”

Last year, the FinTech opened offices in Barcelona and Singapore, adding to its existing offices in London, Reykjavik, Stockholm, Helsinki and Warsaw.

UniCredit co-CEO commercial banking Western Europe Olivier Khayat said, “We believe in fostering long-term relationships with the best FinTechs in the market in order to continue developing innovative products and services with tangible benefits for our clients.

“The partnership with Meniga has allowed us to offer a simple, tailored and very user-friendly digital banking experience to our customers and we look forward to continuing to work together to support our clients’ digital banking needs with innovative solutions.”

Earlier in the year, the FinTech received approval as an Account Information Service Provider by the UK’s Financial Conduct Authority (FCA). This means the business is a verified open banking service provider, helping it expand its product offerings to customers beyond the financial services space.

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.