Meniga, a provider of digital banking technology for the world’s largest banks, announced on Friday it secured €7.5 million during its Series A funding round led by Nordic venture capital investor Industrifonden. Other participants in the round include current investors Velocity Capital, Frumtak Ventures, and Kjolfesta.
Launched in 2009, Meniga states its digital banking platform helps banks use personal finance data to enrich their online and mobile customer experiences. The company also noted that it has expanded its product offering to include data-driven card-linked offers, personalisation and other user-centric services designed to make online and mobile banking more engaging and useful. Georg Ludviksson, CEO of Meniga, stated:
“Banks are facing up to the reality that their future competitors are not just traditional banks – but also Fintech startups, new challenger banks and technology giants like Apple, Facebook and Amazon. To compete effectively they must innovate faster and become better at using their data. We have never seen higher demand for our solutions and innovation capability. The funding allows us to accelerate growth and work with more banks to help them pave the way for customers to engage through digital channels. Industrifonden is a great fit for Meniga and their team brings decades of experience to help us on our journey.”
Funds from the Series A will be used for continued investment in Meniga’s R&D activities, as well as for strengthening the sales teams to meet growing demand. Industrifonden’s investor Sofia Ericsson Holm will also be joining Meniga’s board. She added:
“Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when many banks are forced to re-think their digital strategies. We are particularly excited about the opportunities in data-driven digital banking and proud to support the exceptional Meniga team.”