Meniga bags €15m Series D funding to fuel new growth strategy
UK-based digital banking solutions provider Meniga has raised €15 million in a Series D funding round.
Meniga lands €15 million Series D funding
The round, which takes the company’s total funding raised up to €55 million since its inception in 2009, featured participation from two of its European banking customers, Groupe BPCE and Crédito Agrícola, as well as VC firm Omega and a number of existing investors.
Meniga says the new funds will be used to accelerate the rollout of its revamped growth strategy, with the company looking to focus its attention on “further developing its core capabilities around data enrichment and hyper personalised insights for the financial services sector”, as well as doubling down on open banking in light of the growing traction around open finance.
Last month, the company partnered with Landsbankinn, Iceland’s largest bank, to power its new open banking services.
This new strategy is the brainchild of the company’s CEO, Dheeraj Soni, who took the reins at Meniga in June this year, replacing outgoing CEO Simon Shorthose.
Meniga hopes the new strategic direction will enable it to simplify its product portfolio and tap into new verticals “beyond banks”, with the aim to attract new global customers in emerging markets.
The company, which has offices in London, Reykjavik, Stockholm and Warsaw, claims it currently works with banking customers in 30 countries across Europe, North America, the Middle East and Asia, including UOB, UniCredit, Swedbank and Commercial Bank of Dubai.
It offers a range of solutions including personal finance management services, carbon insight services, predictive analytics and personalised engagement technologies.
The company adds that some of the fresh cash will also be used to clear its existing debt, “rendering Meniga almost debt-free”.
