Meniga, a pioneer in personal finance management solutions, has raised €15 million (£12.9m) in Series D funding.
Founded in Reykjavík, Iceland and now headquartered in London, Meniga has delivered work for some of the world’s largest banks and financial institutions.
Its new strategy, devised following the arrival of CEO Raj Soni in the summer, will see its product portfolio simplified; diversification into verticals beyond banks; targeting new customers in emerging markets; and creation of new operational hubs to drive growth.
It serves over 100m banking customers across 30 countries in Europe, North America, the Middle East and Asia. Its customers include some of the most influential banks of these regions, such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
The investment round includes major European banks, Groupe BPCE and Crédito Agrícola, and the leading Icelandic VC group, Omega ehf, with participation from several existing shareholders. Total funding in Meniga to date amounts to €55m.
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 emphasises the enablement of payments capabilities for banks in the ever-growing open banking and open finance ecosystem.
“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,” said Emmanuel Puga Pereira, chief digital officer at Groupe BPCE.
“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.”