Banking tech platform Meniga secures €7.5 million in new funding

Digital banking technology startup Meniga has announced a funding round of €7.5 million from Industrifonden. Velocity Capital, Frumtak Ventures, and Kjolfesta also participated.

Meniga provides a platform for banks to use and make sense of the personal finance data they collect from customers. The new funds will be invested into research and development and expanding the sales teams.

According to CEO Georg Ludviksson (pictured), banks are beginning to face the reality of competition imposed by fintech startups and tech giants like Apple.

“We have never seen higher demand for our solutions and innovation capability,” he said. “The funding allows us to accelerate growth and work with more banks to help them pave the way for customers to engage through digital channels.”

The company’s customers include Santander, Commerzbank, ING, and mBank. The startup has offices in the UK, Sweden, and Iceland.

“Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when many banks are forced to re-think their digital strategies,” commented Industrifonden’s Sofia Ericsson Holm, who is joining the board at Meniga.