Member Article

Meniga raises €7.5m to help banks offer personalised digital services to their customers

London-headquartered Meniga has closed a €7.5m equity funding round led by Nordic venture capital firm Industrifonden, which will help to support the expansion of its research and development efforts.

The FinTech firm, which also attracted investment from current investors Velocity Capital, Frumtak Ventures and Kjolfesta, has developed a range of white-label services for banks and other financial firms to offer personalised features in their digital banking apps and platforms.

Ranging from card-linked offers to personalised offers and Facebook-style activity feeds, Meniga claims its user-centric services can make online and mobile banking more engaging for users and provide far more targeted experiences.

Georg Ludviksson, who is Chief Executive Officer at Meniga, believes that banks and financial firms are finally facing up to the fact that their competitors are just as likely to be innovative FinTech firms as traditional financial institutions.

He commented: “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.”

The FinTech firm is already working with the likes of Santander, ING Direct and mBank, and now plans to invest further in its R&D capabilities and expand its sales team as demand continues to grow for its services.

“We have never seen higher demand for our solutions and innovation capability,” added Ludviksson. “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.”

As a result of the latest funding, Industrifonden’s Sofia Ericsson Holm will become a permanent member of Meniga’s board, and she added: “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.”

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