Meniga raises €10m from Velocity Capital and Frumtak Ventures to expand green banking products.
The strategic investment round was co-led by Velocity Capital and Frumtak Ventures to drive the development of sustainable financial tools.
Meniga provides personal finance management solutions and digital banking technology for major financial institutions globally. The company operates offices across several international hubs including London and Reykjavik.
Meniga has secured a €10m strategic investment round led by Velocity Capital and Frumtak Ventures to meet growing global demand for sustainable banking products. Additional participants in the round include Industrifonden, the UK Government's Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.
The new capital will be directed towards research and development activities, with a particular focus on expanding green banking products. Furthermore, the funds will be used to strengthen sales and service teams to navigate changing dynamics in the digital banking sector.
From the founder
"We are extremely pleased with the continued backing from our investors and strategic customers. The new capital will be instrumental in helping us accelerate our expansion into sustainable finance management. We are already working with banks across the world helping them accelerate their green-banking strategies with our Carbon Insight solution. Our Carbon Insight solution is going live with banks in 4 different countries during 1H 2021 and the demand is accelerating."
Georg Ludviksson
CEO & co-founder at Meniga
Investor perspective
"Meniga has established itself as a trusted strategic partner to top-tier banks around the world for Personal Finance Management (PFM) and Business Finance Management (BFM) tools, which are built on top of its market-leading data consolidation and enrichment technologies. We’re extremely excited about the growing demand for the personalised banking experiences that Meniga delivers, such as its new product, Carbon Insights, which uses transaction data to measure a bank customer’s carbon footprint."
Willem Willemstein
General Partner & Founder at Velocity Capital Fintech Ventures, Velocity Capital
Use of funds
- 01Fund research and development
- 02Invest in sales and marketing
Investors
Willem Willemstein
Velocity Capital
Frumtak Ventures
Industrifonden
Future Fund
Finja Carolin Kütz
UniCredit
Swedbank
Groupe BPCE
Íslandsbanki
