UK-based digital banking solution Meniga closed a ?10m investment round to boost and meet the escalating demand for its sustainable financial products.
Led by Velocity Capital Fintech Ventures, and Frumtak Ventures, other participants in the round included Industrifonden, the UK Government Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and ?slandsbanki.
The cash injection will be invested in Meniga R&D activities for environmentally friendly banking products and to grow the firm’s sales and service teams.
With its latest round and the ?7.6m investment in 2020, it has scored ?34.1m funding so far.
Founded by Georg Ludviksson and Vigg? ?sgeirsson in 2009, Meniga help banks leverage data to offer personalised and engaging services to its customer as well as increase revenue through their digital channels.
Its product offering includes data aggregation, personal and business finance management, cashback rewards and transaction-based carbon insights.
Furthermore, its green banking solution dubbed Carbon Insight allows users to estimate and track carbon footprint that stems from their transactions and purchases.
It is calculated through the Meniga Carbon Index, created by data scientists using environmental research and the latest databases on the carbon emissions of goods and services. Earlier this month, Iceland’s ?slandsbanki became the first Nordic bank to implement Carbon Insights.
Commenting on the firm future plans, Meniga CEO and co-founder Georg Ludviksson said, ?The new capital will be instrumental in helping us accelerate our expansion into sustainable finance management.
?We are already working with banks across the world helping them accelerate their green-banking strategies with our Carbon Insight solution. Our Carbon Insight solution is going live with banks in 4 different countries during 1H 2021 and the demand is accelerating.p>
Echoing a similar sentiment, Group Chief Transformation Officer & Deputy COO at UniCredit Finja Carolin K?tz added, ?At UniCredit, sustainability is part of our DNA and we are extremely pleased to continue our successful partnership with Meniga also by supporting their use of innovation and technology for new green banking solutions. This is an area of increasing focus for our Group in line with the growing interest and appetite that we see from our clients, both corporate and retail, for green and sustainable financial products.
?Last year was a big push for the whole financial sector to accelerate on digitalisation and sustainability, and this is a great example of the two comings together through innovation to capture current market trends and deliver value to customers.p>
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