Meniga, a London, UK-based provider of digital banking technology for large banks, raised €7.5M in funding.
The round was led by Industrifonden with participation from current investors Velocity Capital, Frumtak Ventures and Kjolfesta. In conjunction with the funding, Industrifonden’s investor Sofia Ericsson Holm will join Meniga’s board.
The company intends to use the funds for continued investment in R&D activities, as well as for strengthening the sales teams.
Led by Georg Ludviksson, CEO, Meniga provides a digital banking platform for banks to use personal finance data to enrich their online and mobile customer experiences. Following the launch of a white-label Personal Finance Management (PFM) platform in 2009, the company has since expanded its product offering to include data-driven card-linked offers, personalization and other user-centric services to improve the online and mobile banking experience.
Using Meniga’s technology, banks can introduce new services into their digital offerings, such as Facebook-like Activity Feed or the new Fitbit-inspired Challenges module. It also sets them up to comply with upcoming regulation such as PSD2. The latest innovation, Personal Finance Challenges, enables banking customers to build new habits and get financially fit — creating meaningful engagement between banks and their customers.
The company is also based in Kopavogur, Iceland, and Stockhom, Sweden.