Fintech Meniga gains new investor, Islandsbanki
Íslandsbanki invests €3m in Meniga
Digital banking tech vendor Meniga has received a €3 million investment from Íslandsbanki, bringing total investment in the company from banks this year to €9.1 million.
Íslandsbanki is the third bank to have invested in Meniga in 2018, following in the footsteps of Swedbank and UniCredit. The fintech firm says it will use the money “to enhance product research and development”.
The two companies already have a “long-running partnership”, according to Georg Ludviksson, CEO and co-founder of Meniga. It is understood Íslandsbanki was among the vendor’s very first clients – it worked with Meniga on the launch of its first personal finance management (PFM) solution in Europe in 2009.
In 2017, Íslandsbanki deployed Meniga’s personalised reward programme, which provides the bank’s customers with cashback offers tailored to their individual spending profile.
Ludviksson adds that in the current banking landscape, which is “evolving faster than ever before”, it is “vital for banks and fintechs to work even closer together to thrive in the new digital ecosystem”. New competitors, regulatory changes and rising customer expectations are contributing to the rapid changes, he notes.
The investment announcement was made at Meniga’s Fin42 conference in Reykjavik, Iceland.
Birna Einarsdóttir, CEO at Íslandsbanki, says Meniga’s software is a “key part” of the bank’s effort to improve its customers’ digital banking experience.
“By committing investment to the company we are not only deepening our relationship with the team but also investing in the future development of innovation in digital banking and personal financial management solutions,” Einarsdóttir states.
