Meniga, a personal finance management solutions firm, has announced it has secured €15m in Series D investment.
The company, known for delivering exceptional services to some of the world’s largest banks and financial institutions, has successfully raised €15 million in a Series D funding round.
According to Financial IT, this latest funding round was led by major European banks including Groupe BPCE and Crédito Agrícola, alongside the prominent Icelandic VC group, Omega ehf. This investment has brought Meniga’s total funding to an impressive €55 million to date.
Meniga stands out in the FinTech sector for its innovative approach to Personal Finance Management. The company offers a suite of services that are crucial for digital banking, focusing on data enrichment and hyper-personalised insights. These capabilities have proven essential for banks looking to engage effectively with their customers.
The newly acquired funds are earmarked for a dual-purpose strategy. Firstly, they will significantly reduce the company’s existing debt, bringing Meniga closer to a debt-free status. Secondly, the investment will fuel the rollout of Meniga’s new strategy. This plan, crafted under the guidance of new CEO Raj Soni, involves enhancing core capabilities and expanding the company’s reach in the Open Banking and Open Finance ecosystem.
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, expressed enthusiasm for the continued partnership with Meniga. “We are excited to continue our partnership with Meniga, which currently empowers the digital banking experience for our over 10 million users, and provides more than 100 million insights for our users every year. We are looking forward to seeing the firm’s continued focus on enrichment as well as personalised insights. These capabilities are critical for all BPCE banks to effectively engage with their end users and we have seen firsthand how Meniga’s solution is a key component for banks to succeed.”
Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, highlighted the strategic importance of the investment. “Crédito Agrícola’s investments are focused on innovative fintechs that are critical to the digitisation and future of the financial services sector. Meniga is a key part of Crédito Agrícola’s innovative mobile-only banking offer moey! since 2019 and with this investment we aim to strengthen our long-term partnership with Meniga, in implementing our digital banking strategy. With Crédito Agrícola’s extensive network in the Portuguese start-up ecosystem we can play an instrumental role in helping Meniga evaluate new diversification opportunities into verticals beyond banks in Portugal and abroad.”
Sigthor Sigmarsson, Director of Omega, commented on the potential for growth. “Omega has a track record of finding and investing in successful ventures and scale-ups. We look forward to working with Meniga to achieve its focused growth strategy, based on proven products, strong international customer portfolio and seasoned leadership team.”
With a global footprint, Meniga is already a dominant player in the digital banking solutions market, serving over 100 million banking customers across 30 countries. Its clientele includes influential banks such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
Meniga’s new strategy, under CEO Raj Soni, will simplify its product portfolio and diversify into new verticals beyond banking. This includes targeting emerging markets across MEA, LatAm, Asia and establishing new operational hubs to drive growth and enhance post-launch customer support.
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