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Meniga raises £13m for digital banking tools

Meniga funding
Image credit: TierneyMJ . Shutterstock

London-based Meniga has raised €15m (£12.9m) to clear its debts and develop its existing digital banking solutions.

Meniga provides white-label personal finance management tools for banks and financial institutions, including UniCredit and Swedbank.

Using open banking, the fintech company creates digital banking tools for existing banks to provide consumers with insights on areas including cashflow and carbon offsetting.

Those tools are used by 10 million banking customers.

Meniga secured investment from some of its banking customers, including Groupe BPCE and Crédito Agrícola.

The remaining capital was provided by Icelandic VC group Omega ehf, along with existing shareholders.

The Series D round brings Meniga’s total funding to date to €55m. It secured €10m of that in a 2021 funding round.

Meniga said the funding would clear nearly all of its existing debt and be used to develop tools for personalised insights and data enrichment.

“We are looking forward to seeing the firm’s continued focus on enrichment as well as personalised insights,” said Emmanuel Puga Pereira, chief digital officer at Groupe BPCE.

“These capabilities are critical for all BPCE banks to effectively engage with their end users and we have seen firsthand how Meniga’s solution is a key component for banks to succeed.”

Meniga was founded in Iceland in 2009 by Georg Ludviksson and Viggó Ásgeirsson. It is now headquartered in London.

The company appointed Raj Soni as CEO in the summer to target growth in Asia, Latin America and the Middle East and Africa.