Meniga in a €10 million funding round led by Velocity Capital and Frumtak Ventures.
Meniga, an Icelanding company headquartared in London, UK, announced that it closed a €10 million ($11.8M) strategic investment round.
The money was raised from investors led by Velocity Capital and Frumtak Ventures, along with Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.
The funding will be used for R&D activities, and in particular the development of innovative green banking products. In addition, the fresh money will help strengthen Meniga’s sales and service teams to meet growing demand and changing dynamics in the global digital banking market.
Meniga, founded in 2009 and led by co-founder and CEO Georg Ludviksson, sells white label softare for banks, helping them leverage data to offer more personalised and engaging services, and increase revenue through their digital channels. Its product offering includes data aggregation technologies, personal and business finance management solutions, cashback rewards and transaction-based carbon insights.
in 2020, Meniga signed several new partnerships with key financial players and launched a total of 18 digital banking solutions across 17 countries. Meniga’s physical presences include London — where the company is headquartered — Reykjavik, Stockholm, Warsaw, Barcelona, Singapore and New York.
Meniga, which is part of the fintech startups wave from the Nordics with unicorn ambitions, previously raised $43 million.