Digital banking solution developer Meniga has received an additional €3m in funding, just months after landing a €3.1m investment.
The new capital has been supplied by Íslandsbanki, an Icelandic bank, and makes it the third bank to invest in the company this year. Meniga’s total funding efforts for the year have increased to €9.1m.
Earlier in the year, Swedish bank Swedbank made a €3m investment into Meniga and UniCredit supplied €3.1m to the FinTech as part of a strategic partnership.
With the fresh burst of capital, Meniga will look to enhance its product research and development.
Íslandsbanki and Meniga have worked together since the launch of its personal finance management service in 2009. The pair also teamed up to deploy Meniga’s personalised rewards program which gives the bank’s customers cashback opportunities for their spending.
The FinTech company develops digital banking solutions which help global financial institutions to utilise their data to offer personalised customer services. Its tools are used by more than 65 million digital banking users, across 30 countries.
Digital banking solutions available include financial activity feeds, spend reporting, personal finance management, and cash-flow projections, among others.
Its tools help banks to improve their account aggregation services, empowering them to give consumers with multiple financial accounts to view all of their accounts easily.
The platform also provides PSD2/XS2A compliance support, by consolidating account and transaction data into a single repository and optimising for queries.
Meniga CEO and co-founder Georg Ludviksson said, “Meniga is committed to supporting banks in their digital banking journey and this investment is another exciting chapter in our long-running partnership with Íslandsbanki.
“The banking landscape is evolving faster than ever and is driven by new competitors, regulatory changes and rising customer expectations. Therefore, it is vital for banks and fintech companies to work even closer together to thrive in the new digital ecosystem.”
The strategic investment which was formed with UniCredit earlier this year will see the bank integrate Meniga’s digital banking software across its global operations, starting with Italy and Serbia.
Copyright © 2018 RegTech Analyst
