Meniga, a fintech company based in Reykjavik, recently raised €15 million in Series D funding. Notable backers in this round include major European banks like Groupe BPCE and Crédito Agrícola, alongside Icelandic VC group Omega ehf and existing shareholders. The company’s focus lies in offering advanced solutions for Personal Finance Management to large banks and financial institutions globally. With this funding, Meniga plans to tackle its existing debts, almost erasing them, and steer its strategic direction towards enhancing its core capabilities in data enrichment and hyper-personalised insights for the financial services sector. Moreover, Meniga aims to leverage this investment to introduce payments capabilities, aligning with the growing trend of open banking and open finance.
Meniga specializes in creating digital tools for banks and financial institutions. They develop software solutions that help these institutions improve their online and mobile banking services. Their focus is on providing services like Personal Finance Management (PFM), which assists banking customers in better managing their finances. Meniga’s tools include features such as analyzing spending habits, offering personalized financial insights, providing real-time notifications, and creating reward programs. Their goal is to enhance the overall banking experience for millions of customers worldwide by offering innovative digital solutions tailored to individual financial needs.
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 money! 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.”
Sigthor Sigmarsson, Director of Omega, comments: “Omega has a track record of finding and investing in successful ventures and scale-ups. We look forward to working with Meniga to achieve its focused growth strategy, based on proven products, strong international customer portfolio and seasoned leadership team.”
