Swedbank expands Meniga partnership with €3 million equity investment

The partnership demonstrates Swedbank’s commitment to delivering a personalised digital user experience to all its customers

London, 23rd of April 2018. We are delighted to welcome our newest partner, Nordic banking leader Swedbank. Swedbank, today announced that it has invested €3 million in Meniga. The investment follows a partnership agreement to launch Meniga’s personalised digital banking solutions across Swedbank’s markets in Sweden and the Baltic countries. The first phase of the implementation is already underway and will include some of Meniga’s award-winning technologies, such as the financial activity feed and real-time personal finance insights.

The partnership represents a growing recognition that a personalised digital user experience is critical for banks to remain competitive in an industry faced with open banking and growing regulatory pressures. With an expected $519 billion predicted to be spent on banking IT in 2018, there is appetite and budget available for banks to re-think how they digitally engage their customers.

“We know our customers want us to be proactive with relevant offers and services to make their everyday life easier, and we know that more and more of our customers prefer to meet us digitally.

We see Meniga as an innovation partner to give our customers a digital experience that includes a better overview and insights of all their finances both from Swedbank and external parties. We are very pleased with the agreed partnership,” says Lotta Lovén, Head of Digital Banking at Swedbank.

Lotta Lovén, Head of Digital Banking at Swedbank

Georg Ludviksson, Co-founder and CEO of Meniga commented: “We are delighted to welcome Swedbank as a strategic investor and look forward to playing our part in their digital transformation. We have been very impressed by Swedbank’s ambition and dedication to digital innovation”

Georg Ludviksson, Co-founder and CEO of Meniga

Swedbank’s investment in Meniga forms part of a strategic financing round in Meniga which includes other key customers of the company.

About Swedbank:

Swedbank encourage a sound and sustainable financial situation for the many households and businesses. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products.

Swedbank has over 7 million retail customers and around 625 000 corporate customers and organisations with 218 branches in Sweden and 133 branches in the Baltic countries.

The group is also present in other Nordic countries, the US and China. As of 6 February, 2018 the group had total assets of SEK 2 213 billion.

About Meniga

Meniga is a global leader in white-label digital banking solutions. Its award-winning products enable the world’s largest financial institutions, such as Santander, BPCE, Intesa, ING Direct, Commerzbank and mBank, to dramatically improve their online and mobile digital environment, enriching the user experience of over 50 million digital banking users across 23 countries.

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, automated real-time notifications, predictive analytics & personalised engagement technologies, card-linked offers and consumer data analytics. Meniga’s offices are in London, Reykjavik, Stockholm and Warsaw.

Meniga was awarded “Best of Show” at Finovate Europe, in 2018, 2015, 2013 and 2011, “Best Company” at European Fintech Awards 2017 and was featured on Fintech50 in 2017, 2016 and 2014. Meniga was founded in 2009 and is headquartered in London, UK.