Digital banking solutions provider Meniga closes additional € 10m investment – TechCrunch

Meniga, the London-based fintech that supplies digital banking technology to major banks, has closed € 10m in additional funding.

The tour is led by Velocity Capital and Frumtak Ventures. Also involved are Industrifonden, the UK government’s Future Fund and existing clients UniCredit, Swedbank, Groupe BPCE and Íslandsbanki.

Meniga said the funding would be used to continue investing in R&D, and in particular to further develop green banking products, building on its carbon spend analysis product. In addition, fintech will strengthen its sales and service teams.

Based in London but with additional offices in Reykjavik, Stockholm, Warsaw, Singapore and Barcelona, ​​Meniga’s digital banking solutions help banks (and other fintechs) use personal financial data to innovate their online and mobile offerings.

Its various products include a software layer that bridges the gap between a bank’s legacy technology infrastructure and a modern API, making it easy to create user-friendly digital banking experiences. The product suite includes data aggregation technologies, personal and business finance management solutions, cash back rewards and transaction-based carbon insights.

Meniga told TechCrunch that he has seen a significant increase in demand for his digital banking products and services over the past year. This saw fintech launch a total of 18 digital banking solutions in 17 countries.

Image credits: Meniga

The need for banks to attract and retain a generation of customers increasingly concerned with sustainability and the need to tackle climate change is helping fuel this demand. Step into Meniga’s green banking solution: dubbed ‘Carbon Insight’, it leverages personal financial data so mobile banking customers can track and, in theory, reduce their carbon footprint.

More specifically, it allows users to track their estimated carbon footprint for a given period (which can be broken down into specific expense categories); monitor the estimated carbon footprint of individual transactions; and compare their overall carbon footprint and the carbon footprint of spending categories with that of other users.

Last month Íslandsbanki became the first Nordic bank to implement Meniga’s Carbon Insight solution in its own digital banking offering.

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