Meniga, a digital banking solutions provider, has landed a €3.1m investment from UniCredit.
Its venture arm, UniCredit Equity Venture Opportunities, purchased a minority stake in the business. As part of the of the strategic partnership, UniCredit will integrate the FinTech’s digital banking software globally, starting with Italy and Serbia.
The bank said the technology will enable it to offer their customers a consolidated view of all their cards and account transactions and functionality such as advanced search, financial planning, alerts as well as targeted advice based on spending profiles.
Gianni Franco Papa, general manager UniCredit and chairman of UniCredit EVO said: “ We are very pleased with this partnership with Meniga. Thanks to it, we will offer one of the best solutions available on the market, helping our customers to much more easily manage their banking and financial activities, while enjoying a simple and tailored user-friendly experience.”
UniCredit plans to implement the Meniga “financial fitness” offering, that makes it ‘simple and fun’ for people to reach their financial goals.
Serving more than 50 million digital banking users in 23 countries, Meniga helps financial institutions leverage their data to improve customer engagement and provide more personalised service. The company’s digital banking solutions include both PFM and BFM products, as well as a customer engagement platform. Its marketing solutions enable FIs to generate revenue with merchant-funded card-linked offers, and provide valuable consumer data analytics that FIs can offer to their business customers to help them better understand market trends.
With additional funding onboard, Meniga plans to bolster product development ahead of an anticipated surge in demand for its solutions as companies adapt to PSD2.
Meniga helps banks prepare for Access to Accounts (XS2A) compliance by consolidating account and transaction data into a single data repository and optimize for single-user queries using Meniga’s core consolidation & enrichment technologies. Furthermore, Meniga offers to develop & maintain APIs compliant to local regulatory requirements.
Its personal finance toolbox offers banks state-of-the art personal finance management services on aggregated financials to bank customers. It helps banks launch a modern, personalised digital bank before PSD2 goes live.
The new capital comes just over a month after the company picked up a similarly-sized investment from Nordic bank Swedbank, and takes the company’s total financing to more than $30m.
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