Meniga, a leading provider of personal finance management solutions, has successfully secured a €15 million (£12.9m) Series D funding round. The company, originally founded in Reykjavík, Iceland and now headquartered in London, has a strong reputation for delivering high-quality services to some of the largest banks and financial institutions globally.
The injection of capital comes at a crucial time for Meniga as the company prepares to implement a new strategy under the leadership of CEO Raj Soni, who assumed the role in the summer. This new direction aims to streamline its product portfolio, expand into non-banking sectors, target new customers in emerging markets, and establish operational hubs to facilitate growth.
Meniga’s extensive reach spans over 100 million banking customers across 30 countries in Europe, North America, the Middle East, and Asia. Its client roster includes prestigious financial institutions such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and the Commercial Bank of Dubai.
Key participants in the funding round include major European banks Groupe BPCE and Crédito Agrícola, as well as leading Icelandic VC group Omega ehf, alongside several existing shareholders. The total funding secured by Meniga to date now stands at an impressive €55 million.
A portion of the newly acquired capital will be allocated towards paying off existing debts, rendering Meniga nearly debt-free. Additionally, the funding will be utilized to execute the company’s new strategy, with a primary focus on further enhancing its core capabilities in data enrichment and delivering highly personalized insights for the financial services sector.
Furthermore, the revamped strategy underscores Meniga’s commitment to enabling payments capabilities for banks in the rapidly expanding open banking and open finance ecosystem.
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, expressed his excitement about continuing the partnership with Meniga, stating that the company plays a pivotal role in empowering the digital banking experience for their over 10 million users and providing more than 100 million insights annually.
“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,” – Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE.
Pereira added, “We are looking forward to seeing the firm’s continued focus on enrichment as well as personalized 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.”
The successful funding round and strategic realignment mark an important milestone for Meniga, positioning the company for sustained success and further solidifying its standing as a leader in the FinTech industry.
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