Meniga Raises €7.5M Equity Round to Advance Personalisation in Digital Banking
New Investment Enables Further Expansion into Data Driven Personal Finance & Targeted Marketing Products.
- (1888PressRelease) April 08, 2017 - 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 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 funding 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 offerings, 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 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," 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 pave the way for customers to engage 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 as 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 Meniga team," said Sofia Ericsson Holm at Industrifonden, leading the investment.
About Meniga
Meniga is a global leader in white-label digital banking solutions. Meniga's award-winning products enable the world's largest financial institutions, such as Santander, Intesa, ING Direct, Commerzbank and mBank, to dramatically improve their online & mobile digital environment, enriching the user experience of over 40 million digital banking users across 18 countries. Meniga has developed a framework for next-generation digital banking around advanced data consolidation & enrichment, meaningful customer engagement and new revenue opportunities. Meniga's offices are in London, Reykjavik and Stockholm. Meniga was awarded "Best of Show" at Finovate Europe, Europe's most prestigious financial technology conference, in 2011, 2013, and 2015. Meniga was founded in 2009 and is headquartered in London, UK.
About Industrifonden
Industrifonden is a Nordic venture capital investor, partnering with tech and life science companies with global potential. Industrifonden-backed companies include: Qlik, Arcam, Soundtrap, Fishbrain, Soundtrack Your Brand and Qapital. www.industrifonden.com
Meniga's data-driven products currently include the Card-Linked Offers and Consumer Spending Analytics platform, which connect customers and merchant partners directly through the digital banking environment as part of a larger concept of a virtual financial advisor. Using advanced data analytics and machine-learning algorithms the new solutions provide personalised offers and real-time insights into consumer buying behaviour: a promising marketing channel for banks and merchants.
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