Meniga raises €3 million equity investment from Swedbank

Iceland Sweden Investments 23 April 2018
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Meniga, a company based in Iceland, Sweden and United Kingdom and providing white-label personal finance management solutions, announced securing an investment of €3M ($3.7M) from Swedbank.

The investment follows a partnership agreement to launch Meniga’s personalised digital banking solutions across Swedbank’s markets in Sweden and the Baltic countries.

Swedbank’s investment in Meniga forms part of a strategic financing round in Meniga which includes other key customers of the company, which are undisclosed. Prior to this, the company has raised around $24M from investors including Frumtak and Velocity, with a last round announced in 2017, when it added Industrifonden as institutional investor and Chris Skinner as an angel investor and board member in the company.

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 is present in 18 markets and works with banks including Santander, Intesa, ING Direct, Commerzbank and mBank.