Meniga, a firm focused on personal finance management solutions, which has delivered work for large banks and financial institutions, announced that it has raised €15 million in Series D funding.
The new investment round has “included European banks, Groupe BPCE and Crédito Agrícola, and the Icelandic VC group, Omega ehf, with participation from several existing shareholders.”
Total funding in Meniga to date “amounts to €55 million.”
Part of the capital injection will be used “towards clearing existing debt, rendering Meniga almost debt-free.”
The funding will also be “invested in the roll-out of Meniga’s new strategy, focusing on further developing its core capabilities around Data Enrichment and Hyper Personalised Insights for the financial services sector.”
Further to this, the new strategy “emphasizes the enablement of Payments capabilities for banks in the ever-growing Open Banking and Open Finance ecosystem.”
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, comments:
“We are excited to continue our partnership with Meniga, which currently empowers the digital banking experience for our over 10 million users, and provides more than 100 million insights for our users every year. We are looking forward to seeing the firm’s continued focus on enrichment as well as personalised insights. These capabilities are critical for all BPCE banks to effectively engage with their end users and we have seen firsthand how Meniga’s solution is a key component for banks to succeed.”
Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, comments:
“Crédito Agrícola’s investments are focused on innovative fintechs that are critical to the digitisation and future of the financial services sector. Meniga is a key part of Crédito Agrícola’s innovative mobile-only banking offer moey! since 2019 and with this investment we aim to strengthen our long-term partnership with Meniga, in implementing our digital banking strategy. With Crédito Agrícola’s extensive network in the Portuguese start-up ecosystem we can play an instrumental role in helping Meniga evaluate new diversification opportunities into verticals beyond banks in Portugal and abroad.”
Meniga is a global enabler of digital banking solutions, and claims it is “serving over 100 million banking customers across 30 countries in Europe, North America, the Middle East and Asia.”
Its customers include UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
Meniga’s strategy will see its product portfolio “simplified, diversification into verticals beyond banks, targeting new customers in emerging markets across MEA, LatAm, Asia and creation of new operational hubs to drive growth and post-launch customer support.”