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UK-based digital banking solution Meniga secures £8.6M funding

Image credits: Meniga

Meniga, the London-based fintech company that provides digital banking technology to some of the world’s largest banks, has raised €10 million (approx £8.6 million) in funding.

Who backed Meniga?

The round was led by institutional investors, Velocity Capital Fintech Ventures, and Frumtak Ventures. Other investors including Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki, also participated. 

How will the funding be used?

The funding will be used for Meniga’s R&D activities, and in particular the development of innovative green banking products. The investment will be also used to strengthen the company’s sales and service teams to meet growing demand and changing dynamics in the digital banking market.

White-label digital banking solutions

Founded by Georg Ludviksson and Viggó Ásgeirsson in 2009, Meniga help banks leverage data to offer more personalised and engaging services and increase revenue through their digital channels.

Its product offering includes data aggregation, personal and business finance management, cashback rewards, and transaction-based carbon insights.

In 2020, the firm closed a £7.6m strategic investment led by customers Groupe BPCE, the second-largest banking group in France and lead investor in this round, Portugal’s Grupo Crédito Agrícola and long-standing strategic partner UniCredit. It total, it has scored £34.1 million funding so far.

What is Meniga’s Carbon Insight?

Carbon Insight is Meniga’s inaugural green banking solution, which allows users to estimate and track the carbon footprint that stems from their spending. 

According to the company, the carbon footprint of transactions and purchases is calculated through the Meniga Carbon Index, which has been created by a team of data scientists using the latest environmental research and databases on the carbon emissions of goods and services.

Signed new partnerships

In 2020, Meniga signed several new partnerships with key financial players and launched a total of 18 digital banking solutions across 17 countries. 

Headquartered in London, Meniga has offices in Reykjavik, Stockholm, Warsaw, Barcelona, Singapore, and New York.

Georg Ludviksson, CEO & co-founder of Meniga comments: “We are extremely pleased with the continued backing from our investors and strategic customers. 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.”

Willem Willemstein, General Partner & Founder at Velocity Capital Fintech Ventures comments: “Meniga has established itself as a trusted strategic partner to top-tier banks around the world for Personal Finance Management (PFM) and Business Finance Management (BFM) tools, which are built on top of its market-leading data consolidation and enrichment technologies.”

Finja Carolin Kütz, Group Chief Transformation Officer & Deputy COO at UniCredit, comments: “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.”