Meniga announced the acquisition of Wrapp, a Stockholm-based rewards platform.

Meniga, an Icelandic company with offices in Sweden and United Kingdom and providing digital banking solutions, announced the acquisition of the Stockholm-based rewards platform, Wrapp.

The deal was made via an equity swap, and financial details of the transaction remained undisclosed.

Meniga retains a team in Reykjavík, as well as operational bases in London, Warsaw, Stockholm (the office in the Swedish capital absorbing the Wrapp team) and Helsinki.

Previously, Meniga and Wrapp were independently offering transaction-driven rewards (Meniga in Iceland, Wrapp in Sweden and Finland), but will now merge their respective technology and teams into one streamlined solution under the Meniga banner, operating from Stockholm.

Wrapp, founded in 2011 by Hjalmar Winbladh and Aage Reerslev (CEO), has developed a digital loyalty model connected to the usage of credit or debit cards. The company has been live with 6 bank partners and operational in Sweden and Finland and, over the past two years, has provided rewards and cashbacks for more than 350 brands.

Wrapp has raised more than $40M in risk capital, from a multitude of strategic and institutional investors, including American Express Ventures, Länsförsäkringar, Klarna, H&M Co:Lab, Creandum and Atomico.

Meniga, founded in 2009 and led by co-founder and CEO Georg Ludviksson, develos white-label digital banking solutions, offering digital banking platforms that helps banks understand and personalize their customers' data in order to offer more compelling online and mobile banking products. The company has 150 employees, more than 75 global banking clients, and hundreds of retail partners across the Nordics.

Meniga is also backed by a diverese range of institutional and strategic investors, including Bank of Iceland, Unicredit, Swedbank, Industrifonden or Frumtak Ventures, having raised more than $34M in capital.