The new investment round included major European banks, Groupe BPCE and Crédito Agrícola, and the leading Icelandic VC group, Omega ehf, with participation from several existing shareholders. Total funding in Meniga to date amounts to €55 million.
Part of the capital injection will be used towards clearing existing debt, rendering Meniga almost debt-free. The funding will also be invested in the roll-out of Meniga’s new strategy, focusing on further developing its core capabilities around Data Enrichment and Hyper Personalised Insights for the financial services sector. Further to this, the new strategy emphasises the enablement of Payments capabilities for banks in the ever-growing Open Banking and Open Finance ecosystem.
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, comments: "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. We are looking forward to seeing the firm's continued focus on enrichment as well as personalised 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.”
Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, comments: “Crédito Agrícola’s investments are focused on innovative fintechs that are critical to the digitisation and future of the financial services sector. Meniga is a key part of Crédito Agrícola's innovative mobile-only banking offer moey! since 2019 and with this investment we aim to strengthen our long-term partnership with Meniga, in implementing our digital banking strategy. With Crédito Agrícola's extensive network in the Portuguese start-up ecosystem we can play an instrumental role in helping Meniga evaluate new diversification opportunities into verticals beyond banks in Portugal and abroad.”
Sigthor Sigmarsson, Director of Omega, comments: “Omega has a track record of finding and investing in successful ventures and scale-ups. We look forward to working with Meniga to achieve its focused growth strategy, based on proven products, strong international customer portfolio and seasoned leadership team.
Meniga is a global leader in digital banking solutions, serving over 100 million banking customers across 30 countries in Europe, North America, the Middle East and Asia. Its customers include some of the most influential banks of these regions, such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
Meniga’s new strategy, devised post the arrival of the new CEO Raj Soni in the summer of 2023, will see its product portfolio simplified, diversification into verticals beyond banks, targeting new customers in emerging markets across MEA, LatAm, Asia and creation of new operational hubs to drive growth and post-launch customer support.
Meniga is a global leader in digital banking solutions serving over 100M banking customers across 30 countries. Meniga’s award-winning products enable the world's largest financial institutions to dramatically improve their online and mobile digital environment. Meniga has developed a framework for next-generation digital banking around advanced data consolidation and enrichment, meaningful customer engagement and new revenue opportunities. Meniga’s portfolio of products includes Personal Finance Management, carbon insight services, automated real-time notifications, predictive analytics and personalised engagement technologies, targeted rewards and consumer data analytics. Meniga is a six-time winner of “Best of Show'' at Finovate Fall and Finovate Europe, “Best Digital Banking Vendor” at the Banking Tech Awards, “Best Company” at the European FinTech Awards and has been featured three times on the FinTech50 list. Meniga’s offices are in London, Reykjavik, Stockholm, Warsaw with plans for ongoing expansion into new markets globally.
About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
About Group Crédito Agrícola
Group Crédito Agrícola (www.creditoagricola.pt) is a leading portuguese cooperative banking and insurance group, offering a wide range of financial products and services to individuals and companies. It has a remarkable century-old history in Portugal, generating value for its clients, local communities, members and employees. With more than 410.000 members and 1.500.000 clients, Crédito Agrícola is one of the largest and more solid financial groups in Portugal with 618 branches in Portugal and representation offices in Luxembourg, Geneva, and Paris.
About Omega ehf
Omega ehf. is a private investment vehicle that invests in broad range of ventures and private equity. Focusing on innovation, Omega invests in various sectors, including HealthTech, FinTech and Real Estate development. Omega is a lead investor in Gróska, Innovation centre, in Reykjavík.
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