Skip to main content

Meniga, the digital banking tech provider, raises €8.5M led by French bank Groupe BPCE

Meniga, the London-headquartered fintech that provides digital banking technology to some of the world’s largest banks, has closed a €8.5 million in additional funding.

Described primarily as a “strategic investment,” the round is led by Groupe BPCE, the second-largest banking group in France, alongside Portugal’s Grupo Crédito Agrícola and long-standing strategic partner UniCredit. All three are customers of Meniga.

The funding will be used for continued investment in Meniga’s R&D activities, as well as to strengthen the fintech’s sales and service teams to meet what it says is growing demand. Other participants in the round include current institutional investors Velocity Capital, Industrifonden, and Frumtak Ventures.

“We are very pleased to welcome Groupe BPCE and Crédito Agrícola to our growing group of strategic investors,” says Georg Ludviksson, CEO and co-founder of Meniga, in a statement. “Partnering closely with our customers is a key part of our strategy to be the preferred digital innovation partner to our clients. An equity relationship is an excellent way to strengthen such partnerships”.

Meniga’s digital banking platform helps banks and fintechs use personal finance data to innovate in their online and mobile offerings. Its various products include a software layer that bridges the gap between a bank’s legacy tech infrastructure and a modern API, making it easier to build consumer-friendly digital banking experiences.

Meniga‘s product suite spans data aggregation technologies, personal and business finance management solutions, cashback rewards and transaction-based carbon insights.

The company’s tech has also been designed to support and benefit from Open Banking, and helped by this, its products and services are already used by more than 90 million banking customers across 30 countries.

This saw it open new office locations in Barcelona and Singapore in 2019, adding to its existing presence in London, where the company is headquartered, and Reykjavi, where much of its R&D is located, alongside offices in Stockholm, Helsinki and Warsaw.

Meanwhile, lead investor Groupe BPCE first partnered with Meniga back in 2018. Cue statement from Groupe BPCE’s Yves Tyrode, chief digital and data officer, and member of the management board of Groupe BPCE: “Our partnership with Meniga has been extremely positive to date. Together, we have laid the groundwork for continued digital innovation at Groupe BPCE to better serve our customers in a very dynamic banking market. We look forward to continue transforming our digital customer experience and contribute to building the future of digital banking together with Meniga”.

Meniga helps incumbent banks keep fintech fear at bay



from Startups – TechCrunch https://ift.tt/2Ak0Ymo
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...
Post a Comment
Read more