By Gloria Methr
A provider of Personal Finance Management solutions to some of the world’s largest banks and financial institutions, Meniga, has raised €15 million(US$16.4million) in Series D funding.
The new investment round included major European banks, Groupe BPCE and Crédito Agrícola, and Icelandic VC group Omega ehf, with participation from several existing shareholders. The 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 the company’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 payment capabilities for banks in the ever-growing Open Banking and Open Finance ecosystem.
Chief Digital Officer at Groupe BPCE, Emmanuel Puga Pereira said, “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.”
Executive Board Member at Crédito Agrícola, Sergio Raposo Frade added, “Crédito Agrícola’s investments are focused on innovative FinTechs that are critical to the digitisation and future of the financial services sector. Meniga has been 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.”
Director of Omega Sigthor Sigmarsson said, “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, a strong international customer portfolio and a seasoned leadership team.
Meniga specialises 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 many influential banks in these regions, such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
The 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, and Asia.
