RegTech company Meniga has acquired Sweden-based customer rewards platform Wrapp, for an undisclosed amount.
As part of the deal, Meniga will absorb the Wrapp team into its Stockholm office. Meniga also operates from offices in ReykjavÃk, London, Warsaw, and Helsinki.
Through the acquisition, Meniga will be able to expand its network and deliver more value to its customers.
Shareholders of Wrapp, which includes Nordic bank Nordea, have been paid with newly-issued shares of Meniga.
By combining the two solutions, merchants using Meniga will be able to offer their customers personalised rewards based on their previous transaction behaviour. Banks will also be able to offer their users with tailor rewards in the context of everyday banking.
Meniga CEO and co-founder Georg Ludviksson said, â€œThe attitudes of consumers towards the use of their personal data is changing. Custodians of personal data are expected to use data to deliver personalisation and value in a respectful and transparent manner.
â€œWe believe that banks are in a unique position right now to deliver a compelling proposition to their customers while carving out a meaningful share of the digital advertising market. But banks need to act fast before others beat them to building scale in this space.â€
Wrapp CEO Aage Reerslev has now been made the new VP of Rewards at Meniga.
Meniga develops digital banking solutions which help global financial institutions to utilise their data to offer personalised customer services. Digital banking solutions available include financial activity feeds, spend reporting, personal finance management, and cash-flow projections, among others.
The platform also provides PSD2/XS2A compliance support, by consolidating account and transaction data into a single repository and optimising for queries.
Late last year, the company raised â‚¬3m Ãslandsbanki, an Icelandic bank, and came just months after a â‚¬3.1m investment from Swedbank.
United Overseas Bank recently formed a partnership with Meniga for customer-centric data solutions for its digital banking customers.