Digital banking platform Meniga has received a €3m equity investment from Swedbank, as part of its partnership.
This investment comes as a strategic investment round which includes commitments from other unnamed ‘key customers’ of the company.
Nordic banking group Swedbank has made the investment after forming a partnership with the company which will see Meniga’s personalised digital banking solution deployed across its market in Sweden and the Baltics.
The initial phase of this implementation is underway and includes services such as a financial activity feed and real-time personal finance insights.
Meniga is a digital banking solution developer which provides financial institutions with services to improve their online and mobile infrastructure. Some of the company’s clients include Santander, BPCE, Intesa, ING Direct, Commerzbank and mBank.
Its product portfolio includes personal finance management, automated real-time notifications, predictive analytics & personalised engagement technologies, card-linked offers and consumer data analytics.
Swedbank head of digital banking Lotta Lovén said, “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.”
Last year, Meniga picked up a €7.5m investment led by Nordic VC Industrifonden to support the company with its growth. Other investors to the round included Velocity Capital, Frumtak Ventures and Kjolfesta. Prior to this, the company raised $8.2m in funding co-led by Velocity and Frumtak.
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