Meniga adds EUR 3.1M in capital funding and UniCredit EVO as investor in the company.
Meniga, an Icelandic company with offices in Sweden and United Kingdom and providing white-label personal finance management solutions, announced getting into a EUR 3.1M ($3.64M) investment agreement with the Italian bank UniCredit.
The agreement involves a strategic partnership with Meniga, and the acquisition of a minority stake in the company with a capital investment through UniCredit EVO (Equity Venture Opportunities).
UniCredit will integrate the leading European FinTech’s digital banking software globally, starting with Italy and Serbia, to make UniCredit customers’ digital banking experience more personalized with focus on data-driven tailored content. UniCredit will now be able to offer their customers a consolidated view of all their cards and account transactions and functionality such as advanced search, financial planning, alerts as well as targeted advice based on spending profiles.
Meniga will use the proceeds to strengthen product development and prepare for accelerated market demand as the new EU Payment Services Directive (PSD2) comes into force across Europe.
Meniga, founded in 2009 and led by co-founder and CEO Georg Ludviksson, developed a digital banking platform that helps banks understand and personalize their customers' data in order to offer more compelling online and mobile banking products.
The company raised almost $30M in venture investment, with backers including Swedish venture fund Industrifonden and Swedish bank Swedbank.