Meniga, a leading provider of personal finance management solutions based in London, has successfully raised €15 million in Series D funding. This round saw participation from major European banks, including Groupe BPCE and Crédito Agrícola, and the leading Icelandic VC group, Omega ehf. The total investment raised by the company now stands at €55 million.
Meniga, founded in Iceland, collaborates with many leading banks, serving over 100 million customers across 30 countries. The company’s solutions are already benefiting customers of major banks like UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai. Meniga’s product suite offers customers total transparency in controlling cash flow, providing concise financial insight, and even insights into the carbon footprint of their spending.
Tailored Solutions for Banks
The company’s solutions are customized to ensure that each bank receives an individual and comprehensive solution. This approach empowers banks to offer everything from traditional banking apps to innovative solutions. Examples include moey! for Crédito Agrícola and UOB’s Meniga-powered TMRW app, which gamifies saving with a city-building game.
Although the startup currently does not partner with any UK retail banks, this is set to change in 2024. CEO Raj Soni, who joined the company earlier this year, mentioned a strong pipeline in the UK and the hope to include a UK bank in their portfolio by 2024.
Many of the investors are users of its technology, demonstrating their confidence in the company’s solutions. Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, noted Meniga’s key role in the success of banks and their decision to participate in the Series D funding.
Leveraging Open Banking
The fintech’s solutions, while varied, all use Open Banking to power the data and insights they offer. This approach puts banks and ultimately customers in control of their data, simplifying customer engagement with finance through various means, including graphs and games.
The funding will support the firm’s growth as it follows the strategy devised by CEO Raj Soni. The company plans to simplify its product portfolio while diversifying beyond banks, targeting customers in emerging markets across the Middle East, Asia, and Latin America. The fintech will also be adding operational hubs to support their growth.
Conclusion: Empowering Banks and Customers
Meniga’s mission is to make banking as easy and supportive as possible for both banks and customers. With this latest funding, Meniga is well-positioned to continue its growth and expand its innovative personal finance management solutions to new markets and customers.